UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07912

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

760 Moore Rd.

King of Prussia, PA 19406

(Address of principal executive offices) (Zip code)

Andrew J. McNally

PNC Global Investment Servicing (U.S.) Inc.

760 Moore Rd.

King of Prussia, PA 19406

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-607-2200

Date of fiscal year end: October 31

Date of reporting period: January 31, 2010

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

OLD WESTBURY FUNDS, INC.
U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 97.1%
Consumer Discretionary — 11.0%
	227,625	Kohl’s Corp.(b)	$	11,465,471
	596,425	Lowe’s Cos., Inc.		12,912,601
	622,400	Staples, Inc.		14,601,504
	352,675	Walt Disney Co. (The)		10,421,546
				49,401,122
Consumer Staples — 7.7%
	315,650	Procter & Gamble Co. (The)		19,428,258
	285,675	Wal-Mart Stores, Inc.		15,263,615
				34,691,873
Diversified Financials — 12.5%
	412,225	American Express Co.		15,524,394
	370,000	JPMorgan Chase & Co.		14,407,800
	522,275	Morgan Stanley		13,986,524
	248,025	T. Rowe Price Group, Inc.		12,307,000
				56,225,718
Energy — 12.0%
	135,500	Apache Corp.		13,383,336
	183,375	EOG Resources, Inc.		16,580,768
	241,200	Hess Corp.		13,938,948
	645,700	Weatherford International Ltd.		10,124,576
				54,027,628
Health Care — 13.9%
	122,000	Baxter International, Inc.		7,025,980
	286,175	Celgene Corp.(b)		16,249,016
	141,550	Johnson & Johnson		8,897,833
	831,000	Pfizer, Inc.		15,506,460
	260,000	Teva Pharmaceutical Industries Ltd. - ADR		14,747,200
				62,426,489
Industrials — 14.8%
	115,800	FedEx Corp.		9,072,930
	311,400	Illinois Tool Works, Inc.		13,573,926
	392,100	Ingersoll-Rand Plc		12,727,566
	397,800	Tyco International Ltd.(b)		14,094,054
	148,575	Union Pacific Corp.		8,988,788
	145,075	United Parcel Service, Inc., Class B		8,380,983
				66,838,247
Information Technology — 18.3%
	830,775	Cisco Systems, Inc.(b)		18,667,514
	598,000	Corning, Inc.		10,811,840
	802,600	EMC Corp.(b)		13,379,342
	23,570	Google, Inc. - Class A(b)		12,478,429
	503,300	Microsoft Corp.		14,182,994
	437,800	Paychex, Inc.		12,691,822
				82,211,941
Shares			Value
Materials — 6.9%
	520,700	Dow Chemical Co. (The)	$	14,105,763
	744,350	International Paper Co.		17,053,058
				31,158,821
Total Common Stocks (Cost $410,883,471)				436,981,839
INVESTMENT COMPANY — 3.5%
	15,972,100	SEI Daily Income Trust Government II Fund, Class A		15,972,100
Total Investment Company (Cost $15,972,100)				15,972,100
TOTAL INVESTMENTS — 100.6% (Cost $426,855,571)(a)				452,953,939
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(2,690,899	)
NET ASSETS — 100.0%			$	450,263,040

(a) Cost for financial reporting purposes is $426,855,571 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	33,572,417
Unrealized depreciation		(7,474,049	)
Net unrealized appreciation	$	26,098,368

(b) Non-income producing security.

ADR - American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Consumer Discretionary	11.0	%
Consumer Staples	7.7	%
Diversified Financials	12.5	%
Energy	12.0	%
Health Care	13.9	%
Industrials	14.8	%
Information Technology	18.3	%
Materials	6.9	%
Other*	2.9	%
	100.0	%

* Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

1

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 99.3%
AUSTRALIA — 6.7%
	2,142,475	BHP Billiton Ltd.	$	74,482,094
	1,493,683	Macquarie Group Ltd.		65,735,901
				140,217,995
CANADA — 1.9%
	1,267,305	EnCana Corp.		38,766,860
FRANCE — 17.5%
	1,309,379	Accor SA		66,058,639
	576,112	Air Liquide SA		61,104,531
	879,194	Alstom SA		58,703,838
	1,523,234	Cie de Saint-Gobain		72,765,695
	674,802	LVMH Moet Hennessy Louis Vuitton SA		73,523,114
	606,112	Societe Generale		35,067,979
				367,223,796
GERMANY — 5.5%
	1,165,719	Bayer AG		79,677,097
	689,702	Fresenius Medical Care AG & Co.		34,958,767
				114,635,864
JAPAN — 16.1%
	19,729	Japan Tobacco, Inc.		71,194,937
	3,670,900	Komatsu Ltd.		73,868,551
	3,194,554	Mitsubishi Corp.		77,248,237
	5,392,360	Sumitomo Corp.		60,702,884
	146,542	Yahoo! Japan Corp.		55,443,879
				338,458,488
LUXEMBOURG — 3.0%
	1,423,174	Tenaris SA ADR		62,619,656
NETHERLANDS — 3.9%
	1,385,738	Akzo Nobel NV		82,488,559
NORWAY — 3.0%
	5,549,982	DnB Nor ASA(b)		62,673,194
SOUTH KOREA — 1.9%
	59,774	Samsung Electronics Co. Ltd.		40,162,799
SPAIN — 3.6%
	1,182,747	Inditex SA		74,449,805
SWITZERLAND — 12.7%
	3,705,797	ABB Ltd.(b)		67,089,091
	1,875,950	Julius Baer Group Ltd.		62,360,702
	781,263	Kuehne & Nagel International AG		75,301,919
	291,139	Zurich Financial Services AG		61,899,696
				266,651,408
UNITED KINGDOM — 20.0%
	3,566,993	BG Group Plc		65,574,539
	8,372,650	BP Plc		78,116,751
	50,765,660	Lloyds Banking Group Plc(b)		40,812,404
	4,332,046	Prudential Plc		39,675,771
Shares			Value
UNITED KINGDOM (continued)
	2,891,531	Shire Plc	$	57,266,830
	3,064,386	Standard Chartered Plc		70,583,812
	7,288,330	WPP Plc		67,252,652
				419,282,759
UNITED STATES — 3.5%
	2,214,137	Carnival Corp.		73,797,186
Total Common Stocks (Cost $1,873,088,060)				2,081,428,369
INVESTMENT COMPANY — 0.6%
	12,931,200	Federated Treasury Obligations Fund		12,931,200
Total Investment Company (Cost $12,931,200)				12,931,200
Principal Amount
U.S. GOVERNMENT AGENCIES — 0.9%
Federal Home Loan Bank — 0.9%
$	18,500,000	0.11%, 03/24/10(c)		18,497,117
Total U.S. Government Agencies (Cost $18,497,117)				18,497,117
TOTAL INVESTMENTS — 100.8% (Cost $1,904,516,377)(a)				2,112,856,686
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(16,055,797)
NET ASSETS — 100.0%			$	2,096,800,889

(a) Cost for financial reporting purposes is $1,904,516,377 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	245,739,079
Unrealized depreciation		(37,398,770	)
Net unrealized appreciation	$	208,340,309

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.

ADR-American Depositary Receipt

2

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	10.0	%
Consumer Discretionary	13.4	%
Consumer Staples	3.4	%
Diversified Financials	6.1	%
Energy	11.7	%
Health Care	8.2	%
Industrials	26.7	%
Information Technology	4.6	%
Insurance	4.8	%
Materials	10.4	%
Other*	0.7	%
	100.0	%

* Includes cash and equivalents, investment company, U.S. government agencies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

3

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 90.5%
AUSTRALIA — 1.6%
	24,202	Acrux Ltd.(b)	$	42,788
	35,064	Adamus Resources Ltd.(b)		12,839
	148,865	Adelaide Brighton Ltd.		323,605
	41,112	Aditya Birla Minerals Ltd.(b)		37,772
	64,944	AED Oil Ltd.(b)		33,658
	17,765	Aevum Ltd.		21,966
	26,572	AJ Lucas Group Ltd.(c)		76,162
	43,834	Alesco Corp. Ltd.		166,936
	33,518	Alkane Resources Ltd.(b)		9,888
	47,383	Alliance Resources Ltd.(b)		23,312
	20,948	Allied Gold Ltd.(b)		5,645
	1,051,685	Alumina Ltd.(b)		1,439,380
	34,794	Amalgamated Holdings Ltd.		171,867
	228,390	Amcom Telecommunications Ltd.		65,747
	33,000	Andean Resources Ltd.(b)		68,856
	34,575	Ansell Ltd.		313,639
	45,300	Anvil Mining Ltd.(b)		137,266
	86,548	APA Group		243,765
	1,220,274	Apex Minerals NL(b)		33,252
	143,331	APN News & Media Ltd.		289,621
	45,098	Aquila Resources Ltd.(b)		337,361
	33,311	Arafura Resources Ltd.(b)		23,792
	7,424	ARB Corp. Ltd.		34,302
	49,386	Aristocrat Leisure Ltd.		172,413
	95,985	Arrow Energy Ltd.(b)		331,873
	609,753	Asciano Group(b)		914,265
	41,487	ASG Group Ltd.		43,828
	62,251	Atlas Iron Ltd.(b)		105,967
	77,309	Ausdrill Ltd.		128,295
	11,730	Ausenco Ltd.		41,708
	28,945	Austal Ltd.		61,568
	237,688	Austar United Communications Ltd.(b)		267,462
	9,270	Austbrokers Holdings Ltd.		41,324
	103,629	Austereo Group Ltd.		152,120
	5,002	Austin Engineering Ltd.		12,803
	69,351	Australian Agricultural Co. Ltd.(b)		77,371
	107,411	Australian Infrastructure Fund		172,203
	117,299	Australian Pharmaceutical Industries Ltd.		66,661
	213,201	Australian Worldwide Exploration Ltd.(b)		490,836
	53,393	Automotive Holdings Group		112,419
	22,100	AVJennings Ltd.(b)		9,754
	41,611	Avoca Resources Ltd.(b)		59,679
	444,969	AWB Ltd.(b)		415,762
	65,941	Bank of Queensland Ltd.		637,163
	25,839	Bannerman Resources Ltd.(b)		15,278
	423,034	Beach Petroleum Ltd.		310,434
	172,203	Bendigo and Adelaide Bank Ltd.		1,491,994
	193,097	Bendigo Mining Ltd.		41,035
	28,750	Berkeley Resources Ltd.(b)		35,945
Shares			Value
AUSTRALIA (continued)
	47,806	Billabong International Ltd.	$	441,550
	29,390	Biota Holdings Ltd.(b)		51,786
	580	Blackmores Ltd.		11,285
	13,886	Blackthorn Resources Ltd.(b)		10,783
	896,648	BlueScope Steel Ltd.		2,066,298
	326,715	Boart Longyear Group(b)		95,179
	124,313	Boom Logistics Ltd.		40,495
	292,604	Boral Ltd.		1,364,567
	27,316	Bow Energy Ltd.(b)		31,204
	24,758	Bradken Ltd.		130,886
	27,762	Brickworks Ltd.		300,463
	49,086	Brockman Resources Ltd.(b)		119,546
	26,490	Cabcharge Australia Ltd.		132,699
	60,682	Caltex Australia Ltd.(b)		479,580
	12,219	Campbell Brothers Ltd.		308,501
	226,901	Cape Lambert Iron Ore Ltd.(b)		102,973
	21,206	Cardno Ltd.		77,357
	51,588	Carnarvon Petroleum Ltd.(b)		23,676
	100,000	Cash Converters International Ltd.		56,708
	5,692	Catalpa Resources Ltd.(b)		7,131
	222,590	CBH Resources Ltd.(b)		27,551
	17,013	Cellestis Ltd.		52,577
	87,902	Centamin Egypt Ltd.(b)(c)(d)		152,414
	129,506	Centennial Coal Co. Ltd.		415,801
	14,812	Centrex Metals Ltd.(b)		7,722
	189,000	Ceramic Fuel Cells Ltd.(b)		30,845
	124,054	Challenger Financial Services Group Ltd.		444,258
	46,115	Chemgenex Pharmaceuticals Ltd.(b)		36,746
	131,532	Citadel Resource Group Ltd.(b)		41,940
	267,096	Citigold Corp. Ltd.(b)		24,787
	93,289	Clinuvel Pharmaceuticals Ltd.(b)		18,519
	51,145	Clough Ltd.		38,006
	88,406	Coal of Africa Ltd.(b)		165,327
	7,468	Cochlear Ltd.		411,110
	54,002	Cockatoo Coal Ltd.(b)		16,816
	31,614	Coffey International Ltd.		60,505
	617,929	ConnectEast Group		227,558
	18,624	Conquest Mining Ltd.(b)		8,007
	57,099	Consolidated Media Holdings Ltd.		151,567
	117,579	Cooper Energy Ltd.(b)		49,100
	20,084	Corporate Express Australia Ltd.		70,554
	38,303	Count Financial Ltd.		46,034
	33,527	Crane Group Ltd.		260,518
	13,608	Credit Corp. Group Ltd.		38,289
	33,492	CSG Ltd.		52,544
	1,396	CSG Ltd. - Placement Shares(c)		2,198
	458,593	CSR Ltd. - Placement Shares		735,016
	10,095	Cudeco Ltd.(b)		37,448
	24,524	Customers Ltd.(b)		62,175
	118,091	David Jones Ltd.		493,969

4

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	20,000	Deep Yellow Ltd.(b)	$	4,506
	1,882	Devine Ltd.		658
	8,637	Dominion Mining Ltd.		23,054
	1,330	Domino’s Pizza Enterprises Ltd.		6,148
	103,250	Downer EDI Ltd.		754,446
	168,882	DUET Group		268,992
	4,716	DWS Advanced Business Solutions Ltd.		6,589
	91,748	Eastern Star Gas Ltd.(b)		62,704
	249,390	Emeco Holdings Ltd.		151,356
	61,443	Energy Developments Ltd.		148,579
	1,688	Energy Resources of Australia Ltd.		31,152
	99,173	Energy World Corp. Ltd.(b)		26,529
	294,880	Envestra Ltd.		128,710
	57,717	Eservglobal Ltd.(b)		26,857
	22,408	Extract Resources Ltd.(b)		156,168
	1,074,060	Fairfax Media Ltd.		1,631,226
	9,540	Fantastic Holdings Ltd.		31,178
	33,955	Felix Resources Ltd. - Placement Shares(c)		3,055
	46,815	Ferraus Ltd.(b)		29,567
	215,276	FKP Property Group		132,628
	11,521	Fleetwood Corp. Ltd.		82,027
	39,328	FlexiGroup Ltd.		52,254
	9,448	Flight Centre Ltd.		165,184
	149,076	Flinders Mines Ltd.(b)		18,598
	503,469	Focus Minerals Ltd.(b)		29,612
	78,012	Futuris Corp. Ltd.(b)		98,441
	11,074	G.U.D. Holdings Ltd.		91,046
	111,477	Geodynamics Ltd.(b)		78,586
	112,463	Gindalbie Metals Ltd.(b)		93,771
	34,043	Giralia Resources NL(b)		46,046
	562,722	Goodman Fielder Ltd.		774,371
	46,282	GrainCorp Ltd.		234,115
	140,887	Grange Resources Ltd.(b)		41,435
	63,776	Great Southern Ltd.(b)(c)(d)		6,770
	344,718	Gunns Ltd.		267,180
	68,071	GWA International Ltd.		180,902
	128,417	Harvey Norman Holdings Ltd.		416,214
	87,716	Hastie Group Ltd.		142,400
	61,206	Healthscope Ltd.		252,622
	108,127	HFA Holdings Ltd.(b)		23,185
	74,599	Highlands Pacific Ltd.(b)		22,477
	196,765	Hillgrove Resources Ltd.		67,497
	94,107	Hills Industries Ltd.		161,937
	88,114	Horizon Oil Ltd.(b)		25,082
	69,257	Icon Energy Ltd.(b)		19,798
	38,283	iiNET Ltd.		66,573
	219,708	Iluka Resources Ltd.(b)		637,284
	44,250	Imdex Ltd.		25,510
	21,536	IMF Australia Ltd.		31,164
	702,287	Incitec Pivot Ltd.		2,071,813
	30,708	Independence Group NL		112,606
	85,840	Indophil Resources NL(b)		95,592
	69,667	Industrea Ltd.		23,868
Shares			Value
AUSTRALIA (continued)
	237,604	Infigen Energy	$	278,655
	100,000	Integra Mining Ltd.(b)		20,705
	89,852	Intrepid Mines Ltd.(b)		20,254
	16,339	Invocare Ltd.		79,372
	75,741	IOOF Holdings Ltd.		384,271
	19,221	Iress Market Technology Ltd.		132,409
	181,912	iSOFT Group Ltd.		109,121
	230,309	Jabiru Metals Ltd.(b)		77,502
	21,040	JB Hi-Fi Ltd.		373,781
	139,329	Kagara Ltd.(b)		112,284
	31,596	Karoon Gas Australia Ltd.(b)		199,561
	3,233	Kimberly Metals Ltd.(c)(d)		0
	21,333	Kingsgate Consolidated Ltd.		173,858
	139,531	Lend Lease Corp. Ltd.		1,151,433
	46,543	Linc Energy Ltd.(b)		63,522
	23,239	Liquefied Natural Gas Ltd.(b)		18,272
	132,215	Lynas Corp. Ltd.(b)		64,211
	24,167	MacArthur Coal Ltd.		200,452
	239,199	Macmahon Holdings Ltd.		120,597
	110,649	Macquarie Airports		270,650
	1,285	Macquarie Telecom Group Ltd.(b)		5,757
	6,687	Mantra Resources Ltd.(b)		33,991
	165,413	Marion Energy Ltd.(b)		16,092
	7,488	McMillan Shakespeare Ltd.		19,832
	34,566	McPherson’s Ltd.(b)		84,441
	36,018	Medusa Mining Ltd.(b)		97,610
	10,469	Melbourne IT Ltd.		14,779
	152,154	MEO Australia Ltd.(b)		57,121
	57,713	Mermaid Marine Australia Ltd.		134,107
	261,973	Metals X Ltd.(b)		26,817
	130,282	Metcash Ltd.		488,552
	126,036	Minara Resources Ltd.(b)		76,072
	37,376	Mincor Resources NL		47,991
	120,423	Mineral Deposits Ltd.(b)		94,588
	14,861	Mineral Resources Ltd.		87,792
	51,073	Mirabela Nickel Ltd.(b)(e)		91,236
	91,676	Mitchell Communications Group Ltd.		68,693
	44,552	Molopo Australia Ltd.(b)		45,269
	38,566	Moly Mines Ltd.(b)		30,195
	13,431	Monadelphous Group Ltd.		151,621
	19,000	Mortgage Choice Ltd.		20,613
	462,225	Mosaic Oil NL(b)		38,576
	158,974	Mount Gibson Iron Ltd.(b)		194,848
	55,018	Murchison Metals Ltd.(b)		106,511
	42,798	Navitas Ltd.		169,513
	139,340	Neptune Marine Services Ltd.(b)		51,293
	128,661	New Hope Corp. Ltd.		505,571
	87,996	Nexbis Ltd.(b)		14,511
	69,134	NIB Holdings Ltd. Australia		78,157
	48,373	Nomad Building Solutions Ltd.		11,427
	30,567	Norton Gold Fields Ltd.(b)		5,151
	14,479	Novogen Ltd.(b)		7,582
	42,103	NRW Holdings Ltd.		65,755

5

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	37,601	Nufarm Ltd.	$	337,858
	13,754	Oakton Ltd.		41,788
	578,490	OneSteel Ltd.		1,573,548
	4,066	OrotonGroup Ltd.		21,039
	745,457	OZ Minerals Ltd.(b)		694,146
	484,223	Pacific Brands Ltd.(b)		467,843
	151,226	Paladin Energy Ltd.(b)		481,585
	193,687	Pan Pacific Petroleum NL(b)		56,416
	362,929	PanAust Ltd.(b)		149,602
	46,006	Panoramic Resources Ltd.		74,099
	248,080	PaperlinX Ltd.(b)		136,055
	37,523	Peet Ltd.		68,424
	27,102	Perilya Ltd.(b)		14,611
	7,008	Perpetual Ltd.		215,634
	54,166	Perseus Mining Ltd.(b)		75,363
	31,729	Pharmaxis Ltd.(b)		74,088
	74,944	Photon Group Ltd.		80,494
	4,385	Pipe Networks Ltd.		23,890
	26,465	Platinum Asset Mangement Ltd.		128,212
	38,735	Platinum Australia Ltd.(b)		34,422
	105,388	PMP Ltd.(b)		68,716
	23,081	Premier Investments Ltd.		163,583
	62,814	Primary Health Care Ltd.		305,455
	40,487	Prime Media Group Ltd.		26,539
	7,043	Probiotec Ltd.		13,934
	37,046	Programmed Maintenance Services Ltd.		107,276
	108,721	Quantum Energy Ltd.(b)		12,010
	22,900	Ramsay Health Care Ltd.		231,601
	13,579	RCR Tomlinson Ltd.		12,067
	7,541	REA Group Ltd.		62,071
	30,974	Reckon Ltd.		53,867
	21,888	Redflex Holdings Ltd.		40,444
	8,531	Reece Australia Ltd.		184,756
	35,422	Regional Express Holdings Ltd.(b)		42,767
	6,994	Reject Shop Ltd. (The)		81,931
	73,565	Resolute Mining Ltd.(b)		63,654
	62,000	Resource Generation Ltd.(b)		21,587
	11,017	Retail Food Group Ltd.		26,650
	12,309	Reverse Corp. Ltd.		3,874
	159,030	RHG Ltd.(b)		76,218
	87,007	Ridley Corp. Ltd.		85,294
	44,464	Riversdale Mining Ltd.(b)		290,712
	246,702	Roc Oil Co. Ltd.(b)		144,892
	37,575	SAI Global Ltd.		128,846
	29,246	Salmat Ltd.		101,847
	15,093	Sedgman Ltd.		18,431
	21,571	Seek Ltd.		122,804
	7,510	Select Harvests Ltd.		29,585
	9,440	Servcorp Ltd.		29,931
	97,832	Service Stream Ltd.		25,830
	57,973	Seven Network Ltd.		342,328
	556,679	Sigma Pharmaceuticals Ltd.		458,285
	21,714	Silex Systems Ltd.(b)		112,598
	28,232	Silver Lake Resources Ltd.(b)		22,824

Shares			Value
AUSTRALIA (continued)
	54,194	Sims Group Ltd.	$	1,017,733
	9,054	Sirtex Medical Ltd.		50,106
	12,274	Skilled Group Ltd.		20,964
	7,500	SMS Management & Technology Ltd.		39,312
	167,396	Southern Cross Media Group		271,863
	288,375	SP AusNet		227,865
	118,596	TPG Telecom Ltd.		177,469
	136,210	Spark Infrastructure Group		159,183
	28,294	Specialty Fashion Group Ltd.(b)		33,936
	29,700	Sphere Investments Ltd.(b)		24,424
	82,005	Spotless Group Ltd.		194,935
	475,707	St. Barbara Ltd.(b)		104,376
	106,534	Straits Resources Ltd.(b)		132,970
	25,424	Strike Resources Ltd.(b)		16,763
	166,555	STW Communications Group Ltd.		113,840
	218,698	Sundance Resources Ltd.(b)		26,859
	91,760	Sunland Group Ltd.		60,943
	27,550	Super Cheap Auto Group Ltd.		116,341
	90,108	Swick Mining Services Ltd.(b)		37,040
	131,045	Tabcorp Holdings Ltd.		813,173
	6,000	Talent2 International Ltd.(b)		7,276
	59,379	Tap Oil Ltd.(b)		55,808
	58,265	Tassal Group Ltd.		93,907
	261,905	Tatts Group Ltd.		531,895
	50,836	Technology One Ltd.		34,242
	104,463	Ten Network Holdings Ltd.(b)		140,789
	45,119	Terramin Australia Ltd.(b)		30,080
	58,054	TFS Corp. Ltd.		52,168
	202,725	Thakral Holdings Group		63,675
	37,994	Thorn Group Ltd.		39,574
	65,834	Timbercorp Ltd.(b)(c)(d)		0
	379,737	Toro Energy Ltd.(b)		44,644
	122,618	Tower Australia Group Ltd.		267,709
	16,986	Tox Free Solutions Ltd.(b)		35,501
	108,365	Transfield Services Infrastructure Fund		100,098
	100,698	Transfield Services Ltd.		316,943
	32,042	Transpacific Industries Group Ltd.(b)		35,066
	34,641	Troy Resources NL		65,900
	33,503	United Group Ltd.		382,838
	65,872	UXC Ltd.(c)		40,361
	22,153	Village Roadshow Ltd.		40,987
	48,270	Village Roadshow Ltd., Preferred Shares		89,824
	570,532	Virgin Blue Holdings Ltd.(b)		291,139
	70,098	Washington H. Soul Pattinson & Co. Ltd.		845,443
	50,586	Watpac Ltd.		62,639
	30,715	Wattyl Ltd.(b)		24,375
	35,253	WDS Ltd.		49,750
	22,954	West Australian Newspapers Holdings Ltd.		147,979
	19,960	Western Areas NL(b)		72,842

6

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	13,358	White Energy Co. Ltd.(b)	$	29,538
	10,519	Whitehaven Coal Ltd.		40,827
	71,313	WHK Group Ltd.		72,823
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		1,865
	13,791	Wotif.com Holdings Ltd.		80,871
				53,120,978
AUSTRIA — 0.3%
	1,109	Agrana Beteiligungs AG		106,032
	9,244	Andritz AG		516,292
	6,651	A-TEC Industries AG(b)		86,411
	5,738	BWIN Interactive Entertainment AG(b)		348,508
	2,439	BWT AG		67,032
	6,997	CAT Oil AG(b)		68,000
	1,891	Constantia Packaging AG		99,851
	4,924	EVN AG		86,208
	3,121	Flughafen Wien AG		145,431
	1,518	Frauenthal Holding AG(b)		14,932
	7,181	Intercell AG(b)		238,045
	660	Kapsch TrafficCom AG		23,543
	197	Lenzing AG		65,410
	1,270	Mayr Melnhof Karton AG		119,606
	902	Oberbank AG		53,089
	7,603	Oesterreichische Post AG		205,862
	1,756	Palfinger AG		38,478
	19,005	Raiffeisen International Bank-Holding AG		940,330
	5,405	RHI AG(b)		147,458
	779	Rosenbauer International AG		33,121
	526	S&T System Integration & Technology Distribution AG(b)		8,772
	2,106	Schoeller-Bleckmann Oilfield Equipment AG		110,177
	26,886	Strabag SE		728,969
	38,356	Telekom Austria AG		529,088
	10,994	Uniqa Versicherungen AG		177,396
	11,488	Vienna Insurance Group		550,384
	59,284	Voestalpine AG		2,075,642
	4,708	Warimpex Finanz- Und Beteiligungs AG(b)		13,512
	48,022	Wienerberger AG(b)		898,090
	1,503	Wolford AG(b)		24,950
	9,958	Zumtobel AG(b)		213,035
				8,733,654
BAHAMAS — 0.0%
	500	Steiner Leisure Ltd.(b)		19,920
BELGIUM — 0.3%
	9,434	Ackermans & Van Haaren NV		648,759
	58,466	Agfa Gevaert NV(b)		422,551
	3,018	Arseus NV		35,930
	89	Banque Nationale de Belgique		430,638
	4,431	Barco NV(b)		181,563

Shares			Value
BELGIUM (continued)
	4,312	Bekaert SA	$	627,567
	1,909	Cofinimmo		257,174
	2,461	Compagnie d’Entreprises CFE		118,712
	765	Compagnie Immobiliere de Belgique SA(b)		26,313
	4,983	Compagnie Maritime Belge SA		149,755
	23,306	Deceuninck NV(b)		47,917
	12,200	Deceuninck NV- VVPR Strip(b)		34
	14,543	Delhaize Group		1,140,014
	1,685	Devgen(b)		24,250
	1,030	D’ieteren SA		442,429
	292	Econocom Group		3,915
	4,178	Elia System Operator SA NV		158,374
	8,725	Euronav NV		190,887
	1,908	EVS Broadcast Equipment SA		122,858
	3,075	Exmar NV		26,223
	3,443	Galapagos NV(b)		50,168
	993	Intervest Offices		30,794
	3,840	Ion Beam Applications		49,144
	99	IRIS		5,980
	829	Kinepolis Group NV		36,526
	5,034	Melexis NV(b)		49,544
	5,279	Mobistar SA		332,116
	28,027	Nyrstar(b)		388,446
	6,372	Omega Pharma SA		307,848
	58,844	Option NV(b)		64,841
	5,123	Recticel SA		41,110
	840	Roularta Media Group NV(b)		17,902
	1,569	Sioen Industries NV		9,792
	1,670	Sipef NV		91,311
	10,299	Solvay SA		1,020,720
	10,644	Telenet Group Holding NV(b)		306,227
	9,497	Tessenderlo Chemie NV		302,005
	2,026	ThromboGenics NV(b)		44,741
	28,222	UCB SA		1,261,663
	20,514	Umicore		632,250
	1,150	Van De Velde		50,203
	445	VPK Packaging Group(b)		17,331
	1,797	Warehouses De Pauw SCA		83,022
	460	Wereldhave Belgium NV		39,807
				10,289,354
BERMUDA — 0.5%
	144,027	Allied World Assurance Co. Holdings Ltd.		6,446,649
	400	American Safety Insurance Holdings Ltd.(b)		5,500
	152,600	Argo Group International Holdings Ltd.(b)		4,080,524
	7,106	Aspen Insurance Holdings Ltd.		189,233
	5,100	Assured Guaranty Ltd.		115,566
	167,171	Catlin Group Ltd.		902,821
	4,200	Endurance Specialty Holdings Ltd.		151,284
	500	Enstar Group Ltd.(b)		32,445

7

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
BERMUDA (continued)
	5,000	Flagstone Reinsurance Holdings Ltd.	$	52,350
	8,700	Frontline Ltd.		261,443
	1,600	Global Crossing Ltd.(b)		22,352
	2,000	Golden Ocean Group Ltd.(b)		3,467
	11,158	Helen of Troy Ltd.(b)		262,994
	162,708	Hiscox Ltd.		886,638
	30,300	Katanga Mining Ltd.(b)		20,120
	33,519	Lancashire Holdings Ltd.		238,922
	3,500	Max Capital Group Ltd.		78,820
	5,900	Montpelier Re Holdings Ltd.		99,651
	3,200	Orient-Express Hotels Ltd. - Class A(b)		31,232
	3,400	Platinum Underwriters Holdings Ltd.		123,284
	3,500	Renaissancere Holdings Ltd.		189,630
	68,400	Seadrill Ltd.		1,514,499
	6,300	Signet Jewelers Ltd.(b)		172,368
	2,600	Textainer Group Holdings Ltd.		44,304
	6,545	Validus Holdings Ltd.		173,442
	700	Vistaprint NV(b)		39,207
				16,138,745
BRAZIL — 0.7%
	237,000	Acos Villares SA		88,011
	15,000	Acucar Guarani SA(b)		48,064
	7,300	AES Tiete SA		66,610
	17,400	AES Tiete SA Preference Shares		175,200
	57,100	All America Latina Logistica SA		457,406
	7,700	American Banknote SA		77,817
	11,000	Anhanguera Educacional Participacoes SA(b)		151,724
	7,500	B2W Companhia Global Do Varejo		151,194
	24,400	Banco ABC Brasil SA		156,626
	7,200	Banco Daycoval SA		35,523
	14,800	Banco Panamericano SA		85,816
	13,700	Banco Pine SA - Preference Shares		79,220
	16,200	Banco Sofisa SA		44,174
	11,900	Bematech SA		59,658
	29,200	BR Malls Participacoes SA(b)		317,560
	51,500	Braskem SA - Class A, Preference Shares(b)		362,276
	78,500	Brookfield Incorporacoes SA		343,984
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares		110,069
	29,271	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A, Preference Shares		982,170
	4,800	Cia de Concessoes Rodoviarias		102,417
	2,800	Cia de Gas de Sao Paulo - Class A, Preference Shares		52,732
	13,900	Cia de Saneamento Basico do Estado de Sao Paulo		231,175

Shares			Value
BRAZIL (continued)
	9,100	Cia de Saneamento de Minas Gerais	$	123,103
	4,000	Cia de Saneamento do Parana, Preference Shares		5,199
	14,400	Cia de Tecidos do Norte de Minas - Coteminas, Preference Shares		42,933
	4,400	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		110,759
	25,300	Cia Energetica de Sao Paulo-Class B, Preference Shares		315,277
	4,050	Cia Energetica do Ceara - Class A, Preference Shares		63,984
	9,700	Cia Hering		158,493
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		568,388
	18,300	Cia Providencia Industria e Comercio SA		76,695
	69,464	Confab Industrial SA, Preference Shares		182,044
	8,400	Contax Participacoes SA, Preference Shares		110,515
	36,100	Cosan SA Industria e Comercio(b)		407,920
	9,700	Cremer SA		80,276
	36,200	Cyrela Brazil Realty SA		415,580
	6,900	Diagnosticos da America SA		211,649
	7,480	Eletropaulo Metropolitana de Sao Paulo SA - Class A, Preference Shares(d)		134,918
	13,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Class B, Preference Shares		260,918
	198,400	Empresa Brasileira de Aeronautica SA		1,051,467
	26,593	Eternit SA		117,799
	69,100	Even Construtora e Incorporadora SA		276,767
	28,300	Ez Tec Empreendimentos e Participacoes SA		122,358
	13,800	Ferbasa-Ferro Ligas DA Bahia, Preference Shares		85,143
	18,200	Fertilizantes Fosfatados SA, Preference Shares(b)		180,455
	22,203	Fibria Celulose SA(b)		402,716
	33,500	Gafisa SA		433,101
	12,700	Global Village Telecom Holding SA(b)		377,968
	26,500	Gol-Linhas Aereas Inteligentes SA, Preference Shares(b)		324,748
	40,800	Grendene SA		189,606
	33,900	IdeiasNet SA(b)		88,302
	7,500	Iguatemi Empresa de Shopping Centers SA		113,355
	24,400	Industrias Romi SA		182,515
	120,200	JBS SA		595,580
	193,000	Klabin SA, Preference Shares		499,650

8

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
BRAZIL (continued)
	7,587	Kroton Educacional SA	$	76,876
	16,800	Light SA		222,188
	13,300	Localiza Rent A CAR		139,280
	26,200	Log-In Logistica Intermodal SA		119,533
	29,900	Lojas Americanas SA		182,731
	47,100	Lojas Americanas SA, Preference Shares		330,575
	16,700	Lojas Renner SA		318,762
	4,100	Lupatech SA(b)		63,294
	3,700	M Dias Branco SA		95,101
	18,198	Magnesita Refratarios SA(b)		142,688
	41,800	Marcopolo SA, Preference Shares		168,309
	13,800	Marisa SA		91,512
	17,100	Medial Saude SA(b)		145,146
	20,000	MPX Energia SA		244,562
	13,900	Multiplan Empreendimentos Imobiliarios SA		221,220
	17,900	Natura Cosmeticos SA		322,295
	38,419	NET Servicos de Comunicacao SA, Preference Shares(b)		444,315
	12,100	Obrascon Huarte Lain Brasil SA		227,878
	3,200	Odontoprev SA		98,445
	12,700	Parana Banco SA		65,690
	81,129	Paranapanema SA(b)		286,641
	39,000	PDG Realty SA Empreen-dimentos e Participacoes		310,552
	20,000	Plascar Participacoes Industriais SA(b)		38,727
	32,500	Porto Seguro SA		326,897
	10,900	Positivo Informatica SA		116,633
	33,900	Randon Participacoes SA, Preference Shares		275,156
	14,700	Rodobens Negocios Imobiliarios SA		131,715
	60,200	Rossi Residencial SA		418,366
	8,200	Sao Carlos Empreendimentos e Participacoes SA		70,255
	23,000	Sao Martinho SA		219,629
	9,200	Saraiva SA Livreiros Editores, Preference Shares		168,382
	78,134	Satipel Industrial SA		671,082
	10,100	SLC Agricola SA		96,446
	16,000	Sul America SA		415,915
	51,626	Suzano Papel e Celulose SA		556,246
	11,000	Tam SA, Preference Shares		201,151
	2,400	Terna Participacoes SA		47,873
	25,700	Tim Participacoes SA(b)		95,438
	88,200	Tim Participacoes SA, Preference Shares		231,613
	2,300	Totvs SA		141,416
	7,700	Tractebel Energia SA		82,637
	30,144	Ultrapar Participacoes SA, Preference Shares		1,325,696
	262,572	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares		144,867

Shares			Value
BRAZIL (continued)
	13,800	Universo Online SA, Preference Shares	$	67,353
	27,247	Vivo Participacoes SA, Preference Shares		773,179
	58,200	Weg SA		557,300
				23,981,172
CANADA — 2.6%
	5,100	Aastra Technologies Ltd.		133,742
	3,600	Absolute Software Corp.(b)		20,538
	68,797	Advantage Oil & Gas Ltd.		437,521
	16,400	Aecon Group, Inc.		208,288
	500	AG Growth International, Inc.		17,222
	35,957	AGF Management Ltd. - Class B		540,406
	1,200	Akita Drilling Ltd. - Class A		10,875
	21,300	Alamos Gold, Inc.(b)		227,094
	31,100	Alimentation Couche-Tard, Inc. - Class B		585,788
	9,100	Altius Minerals Corp.(b)		65,532
	81,700	Amerigo Resources Ltd.(b)		55,014
	76,423	Anderson Energy Ltd.(b)		94,345
	35,500	Antrim Energy, Inc.(b)		41,501
	20,400	Astral Media, Inc.		646,962
	6,000	Athabasca Potash, Inc.(b)		46,575
	31,100	Atna Resources Ltd.(b)		19,487
	14,336	Atrium Innovations, Inc.(b)		215,191
	33,171	ATS Automation Tooling Systems, Inc.(b)		226,155
	8,300	Augusta Resource Corp.(b)		19,406
	25,500	Aura Minerals, Inc.(b)		87,285
	22,800	Aurizon Mines Ltd.(b)		84,014
	192,663	Baffinland Iron Mines Corp.(b)		99,102
	38,800	Baja Mining Corp.(b)		24,312
	39,244	Ballard Power Systems, Inc.(b)		86,618
	41,500	Bankers Petroleum Ltd.(b)		231,709
	27,100	Berens Energy Ltd.(b)		68,178
	6,400	Bioms Medical Corp.(b)		2,125
	200	BioteQ Environmental Technologies, Inc.(b)		224
	55,950	Biovail Corp.		816,292
	29,800	Birchcliff Energy Ltd.(b)		253,617
	108,500	BlackPearl Resources, Inc.(b)		248,609
	5,600	Boardwalk Real Estate Investment Trust		195,876
	203,200	Bombardier, Inc. - Class B		957,800
	13,900	Boralex, Inc. - Class A(b)		125,058
	232,000	Breakwater Resources Ltd.(b)		86,790
	3,800	Burcon NutraScience Corp.(b)		34,757
	35,126	CAE, Inc.		280,220
	9,200	Calfrac Well Services Ltd.		196,433
	9,100	Calloway Real Estate Investment Trust		168,511
	6,600	Calvalley Petroleum, Inc. - Class A(b)		14,382
	23,300	Canaccord Capital, Inc.		213,552
	4,100	Canada Bread Co. Ltd.		207,099

9

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	4,100	Canadian Apartment Properties REIT	$	54,564
	3,700	Canadian Real Estate Investment Trust		96,890
	30,200	Canadian Tire Corp. Ltd. - Class A		1,510,494
	22,900	Canadian Utilities Ltd. - Class A		926,494
	22,300	Canadian Western Bank		428,794
	8,782	Canam Group, Inc.		59,957
	37,300	Canfor Corp.(b)		254,655
	15,000	Cangene Corp.(b)		75,473
	25,000	Capstone Mining Corp.(b)		60,790
	15,900	Cardiome Pharma Corp.(b)		81,191
	27,700	Cascades, Inc.		206,471
	9,900	Cash Store Financial Services, Inc. (The)		111,291
	189,687	Catalyst Paper Corp.(b)		47,899
	10,800	CCL Industries - Class B		253,624
	81,700	Celestica, Inc.(b)		797,707
	4,600	Celtic Exploration Ltd.(b)		86,171
	16,209	Centerra Gold, Inc.(b)		164,174
	10,100	Cequence Energy Ltd.(b)		27,960
	97,700	CGI Group, Inc. - Class A(b)		1,287,438
	148,400	Chariot Resources Ltd.(b)		56,903
	9,800	Chartwell Seniors Housing Real Estate Investment Trust		69,656
	2,900	Churchill Corp. (The) - Class A(b)		53,186
	16,400	CI Financial Corp.		334,825
	100	CIC Energy Corp.(b)		123
	8,500	Cinch Energy Corp.(b)		11,924
	43,000	Claude Resources, Inc.(b)		41,824
	7,600	Cogeco Cable, Inc.		282,606
	10,000	COM DEV International Ltd.(b)		32,453
	1,600	Comaplex Minerals Corp.(b)		12,210
	3,800	Cominar Real Estate Investment Trust		68,199
	57,200	Compton Petroleum Corp.(b)		50,821
	2,500	Computer Modelling Group Ltd.		33,552
	188,200	Connacher Oil & Gas Ltd.(b)		211,213
	48,900	Consolidated Thompson Iron Mines Ltd.(b)		328,820
	1,300	Constellation Software, Inc.		46,201
	3,100	Corby Distilleries Ltd. - Class A		44,851
	34,250	Corridor Resources, Inc.(b)		139,338
	21,600	Corus Entertainment, Inc. - Class B		375,740
	17,600	Cott Corp.(b)		142,709
	22,300	Crescent Point Energy Corp.		789,390
	32,445	Crew Energy, Inc.(b)		401,144
	374,914	Crowflight Minerals, Inc.(b)		54,348
	34,300	Crystallex International Corp.(b)		8,661
	2,800	Dalsa Corp.		20,949
	45,200	Delphi Energy Corp.(b)		81,163
	125,204	Denison Mines Corp.(b)		166,275

Shares			Value
CANADA (continued)
	16,400	Descartes Systems Group, Inc. (The)(b)	$	96,935
	7,250	Detour Gold Corp.(b)		95,130
	600	Domtar Corp.(b)		29,142
	11,500	Dorel Industries, Inc. - Class B		328,249
	6,800	DragonWave, Inc.(b)		76,188
	6,200	Dundee Precious Metals, Inc.(b)		19,425
	1,700	Dundee Real Estate Investment Trust		39,016
	23,000	DundeeWealth, Inc.		306,738
	290,450	Eastern Platinum Ltd.(b)		320,534
	22,300	ECU Silver Mining, Inc.(b)		13,348
	58,400	Eldorado Gold Corp.(b)		693,645
	4,758	Emera, Inc.		102,925
	11,450	Empire Co. Ltd. - Class A		512,720
	8,100	Endeavour Silver Corp.(b)		25,378
	41,700	Ensign Energy Services, Inc.		585,769
	5,100	Entree Gold, Inc.(b)		13,260
	7,900	Epsilon Energy Ltd. (Canada)(b)		19,284
	192,600	Equinox Minerals Ltd.(b)		625,038
	2,500	Equitable Group, Inc.		48,258
	54,600	European Goldfields Ltd.(b)		277,277
	6,500	Evertz Technologies Ltd.		92,888
	12,009	Exfo Electro Optical Engineering, Inc.(b)		60,873
	10,300	Extendicare Real Estate Investment Trust		89,490
	31,600	Fairborne Energy Ltd.(b)		144,812
	4,400	Fairfax Financial Holdings Ltd.		1,492,975
	29,900	Farallon Mining Ltd.(b)		14,541
	64,225	Finning International, Inc.		1,042,136
	30,350	First Majestic Silver Corp.(b)		94,804
	18,100	First Quantum Minerals Ltd.		1,312,747
	6,800	FirstService Corp.(b)		130,944
	100,000	FirstService Corp. Voting Shares(b)(d)		1,939,000
	16,400	Flint Energy Services Ltd.(b)		176,079
	35,541	FNX Mining Co., Inc.(b)		400,865
	25,200	Fortis, Inc.		652,831
	11,800	Forzani Group Ltd. (The) - Class A		164,323
	36,100	Franco-Nevada Corp.		912,924
	43,215	Fronteer Development Group, Inc.(b)		172,173
	37,100	Galleon Energy, Inc. - Class A(b)		186,671
	45,800	Gammon Gold, Inc.(b)		394,927
	15,500	Garda World Security Corp. - Class A(b)		146,266
	10,000	Gennum Corp.		43,021
	24,800	Gildan Activewear, Inc.(b)		531,834
	41,500	Globestar Mining Corp.(b)		40,753
	1,800	Gluskin Sheff & Associates, Inc.		35,285
	6,900	GMP Capital, Inc.		76,534
	22,600	Grande Cache Coal Corp.(b)		110,332

10

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	106,800	Great Basin Gold Ltd.(b)	$	172,798
	20,200	Great Canadian Gaming Corp.(b)		143,199
	3,800	Greystar Resources Ltd.(b)		17,769
	86,300	Groupe Aeroplan, Inc.		896,697
	7,400	Guyana Goldfields, Inc.(b)		44,224
	7,700	Hanfeng Evergreen, Inc.(b)		51,561
	23,100	Harry Winston Diamond Corp.(b)		212,367
	3,500	Heroux-Devtek, Inc.(b)		17,185
	8,400	Home Capital Group, Inc.		307,169
	59,100	HudBay Minerals, Inc.(b)		668,243
	68,400	IAMGOLD Corp.		901,338
	29,060	IESI-BFC Ltd.		458,492
	7,400	Imax Corp.(b)		94,953
	19,243	Imperial Metals Corp.(b)		267,251
	2,800	Indigo Books & Music, Inc.		42,396
	32,200	Industrial Alliance Insurance and Financial Services, Inc.		965,473
	17,100	Inmet Mining Corp.		865,995
	18,640	Intact Financial Corp.		658,262
	29,950	Intermap Technologies Corp.(b)		56,021
	6,300	International Forest Products Ltd. - Class A(b)		26,043
	98,800	Iteration Energy Ltd.(b)		111,805
	30,700	Ivanhoe Energy, Inc.(b)		90,442
	36,750	Ivanhoe Mines Ltd.(b)		514,861
	116,500	Ivernia, Inc.(b)		41,403
	25,700	Jean Coutu Group PJC, Inc. (The) Class A		231,703
	10,400	Jinshan Gold Mines, Inc.(b)		26,261
	3,454	KAB Distribution, Inc.(b)(c)(d)		2
	5,280	Keegan Resources, Inc.(b)		29,678
	5,300	Keystone North America, Inc.		39,456
	26,000	Kingsway Financial Services, Inc.		40,851
	6,900	Kirkland Lake Gold, Inc.(b)		46,462
	53,075	Lake Shore Gold Corp.(b)		156,358
	13,800	Laramide Resources(b)		18,198
	11,850	Laurentian Bank of Canada		421,469
	2,400	Le Chateau, Inc.		31,020
	12,400	Leon’s Furniture Ltd.		121,768
	21,760	Linamar Corp.		275,956
	27,400	Linear Gold Corp.(b)		44,588
	167,300	Lundin Mining Corp.(b)		655,588
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		244,064
	2,100	MAG Silver Corp.(b)		11,666
	50,968	Magna International, Inc. - Class A		2,803,776
	9,200	Major Drilling Group International		222,159
	4,700	Manitoba Telecom Services, Inc.		148,791
	29,500	Maple Leaf Foods, Inc.		307,622
	1,900	Marsulex, Inc.		20,435

Shares			Value
CANADA (continued)
	28,250	Martinrea International, Inc.(b)	$	217,968
	4,300	Maxim Power Corp.(b)		13,633
	49,200	MDS, Inc.(b)		363,967
	102,100	Mega Uranium Ltd.(b)		60,157
	14,300	Mercator Minerals Ltd.(b)		33,970
	38,400	Methanex Corp.		858,321
	20,325	Metro, Inc. - Class A		742,668
	15,000	Migao Corp.(b)		99,041
	4,400	Miranda Technologies, Inc.(b)		20,040
	5,300	Morguard Real Estate Investment Trust		65,875
	3,800	Mosaid Technologies, Inc.		75,271
	33,351	Mullen Group Ltd.		499,056
	45,143	Nautilus Minerals, Inc.(b)		89,083
	19,800	Neo Material Technologies, Inc.(b)		78,700
	138,000	New Gold, Inc.(b)		553,678
	20,596	Newalta, Inc.		179,715
	6,400	Niko Resources Ltd.		591,009
	4,510	Norbord, Inc.(b)		69,849
	8,400	North American Palladium Ltd.(b)		28,674
	5,300	Northern Dynasty Minerals Ltd.(b)		40,645
	2,300	Northern Property Real Estate Investment Trust		49,151
	91,900	Northgate Minerals Corp.(b)		232,060
	13,400	Novagold Resources, Inc.(b)		70,180
	13,600	Noveko International, Inc.(b)		18,697
	24,749	NuVista Energy Ltd.(b)		290,715
	4,800	Oncolytics Biotech, Inc.(b)		11,357
	25,600	Onex Corp.		591,368
	11,100	Open Text Corp.(b)(e)		437,356
	1,052	Open Text Corp.(b)(e)		41,470
	117,600	OPTI Canada, Inc.(b)		212,268
	39,961	Orleans Energy Ltd.(b)		95,675
	26,000	Orvana Minerals Corp.(b)		26,018
	29,800	Osisko Mining Corp.(b)		218,501
	46,000	Pacific Rubiales Energy Corp.(b)		614,337
	5,800	Paladin Labs, Inc.(b)		103,877
	18,800	PAN American Silver Corp.(b)		396,835
	15,900	Paramount Resources Ltd. - Class A(b)		226,771
	5,100	Parex Resources, Inc.(b)		20,700
	1,700	Parkbridge Lifestyles Communities, Inc.(b)		8,029
	11,600	Pason Systems, Inc.		124,760
	15,900	Petaquilla Minerals Ltd.(b)		10,558
	21,830	PetroBakken Energy Ltd. - Class A		605,340
	16,900	Petrobank Energy & Resources Ltd.(b)		835,003
	4,100	Petrolifera Petroleum Ltd.(b)		3,528
	3,200	Petrominerales Ltd.(b)		67,995
	113,000	Phoscan Chemical Corp.(b)		41,216
	11,900	Plutonic Power Corp.(b)		39,175

11

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	13,500	Points International Ltd.(b)	$	6,313
	12,300	Polymet Mining Corp.(b)		35,660
	489	Precision Drilling Trust(b)		3,800
	3,400	Premium Brands Holdings Corp.		42,609
	56,000	Progress Energy Resources Corp.		723,273
	17,300	QLT, Inc.(b)		79,280
	39,500	Quadra Mining Ltd.(b)		528,637
	16,800	Quebecor, Inc. - Class B		450,462
	8,500	Queenston Mining, Inc.(b)		34,103
	56,500	Quest Capital Corp.(b)		66,051
	52,100	Questerre Energy Corp.(b)		150,075
	30,400	Red Back Mining, Inc.(b)		456,888
	16,300	Reitmans (Canada) Ltd. - Class A		246,043
	1,600	Resverlogix Corp.(b)		4,025
	2,400	Richelieu Hardware Ltd.		51,849
	15,971	Riocan Real Estate Investment Trust		285,140
	14,200	Ritchie Bros. Auctioneers, Inc.(e)		298,542
	275,000	Ritchie Bros. Auctioneers, Inc.(e)		5,780,500
	51,900	RONA, Inc.(b)		757,689
	23,700	Rubicon Minerals Corp.(b)		94,423
	2,000	RuggedCom, Inc.(b)		37,596
	21,250	Russel Metals, Inc.		343,816
	5,700	Samuel Manu-Tech, Inc.		24,522
	188,000	Sandvine Corp.(b)		228,571
	20,600	Saputo, Inc.		550,040
	37,900	Savanna Energy Services Corp.		241,029
	2,040	Seabridge Gold, Inc.(b)		49,261
	21,900	SEMAFO, Inc.(b)		92,987
	13,425	ShawCor Ltd. - Class A		354,819
	149,700	Sherritt International Corp.		859,629
	93,264	Shore Gold, Inc.(b)		76,757
	13,600	Sierra Wireless, Inc.(b)		150,086
	11,500	Silver Standard Resources, Inc.(b)		199,724
	42,900	Silver Wheaton Corp.(b)		591,793
	26,400	Silvercorp Metals, Inc.		139,500
	66,900	Sino-Forest Corp.(b)		1,161,873
	22,700	SNC-Lavalin Group, Inc.		1,039,625
	35,300	Sprott Resource Corp.(b)		144,600
	14,700	St. Andrew Goldfields Ltd.(b)		10,861
	11,000	Stantec, Inc.(b)		276,942
	36,400	Starfield Resources, Inc.(b)		3,234
	1,200	Stella-Jones, Inc.		28,585
	5,200	Storm Exploration, Inc.(b)		61,812
	44,000	Stornoway Diamond Corp.(b)		21,810
	19,900	SunOpta, Inc.(b)		57,695
	20,400	Superior Plus Corp.		256,419
	2,640	SXC Health Solutions Corp.(b)		123,970
	7,200	Tanzanian Royalty Exploration Corp.(b)		28,147

Shares			Value
CANADA (continued)
	59,200	Taseko Mines Ltd.(b)	$	251,915
	77,325	Teck Resources Ltd. - Class B(b)		2,531,820
	7,400	Theratechnologies, Inc.(b)		32,112
	40,000	Thompson Creek Metals Co., Inc.(b)		465,373
	27,352	Tim Hortons, Inc.		787,113
	7,300	Timminco Ltd.(b)		7,988
	9,300	TMX Group, Inc.		263,279
	14,650	Toromont Industries Ltd.		373,083
	24,900	Torstar Corp. - Class B		151,135
	11,903	Total Energy Services, Inc.		76,923
	59,100	TransAlta Corp.		1,230,363
	1,400	Transat A.T., Inc. - Class A(b)		26,933
	28,600	Transcontinental, Inc. - Class A		334,079
	31,800	TransForce, Inc.		241,790
	19,100	Transglobe Energy Corp.(b)		67,879
	1,200	Transition Therapeutics, Inc.(b)		3,333
	49,400	Trican Well Service Ltd.		638,492
	52,400	Trinidad Drilling Ltd.		343,044
	5,700	TVA Group, Inc. - Class B		72,180
	58,500	Uex Corp.(b)		58,541
	4,400	Uni-Select, Inc.		120,653
	191,785	Uranium One, Inc.(b)		593,695
	52,000	Ur-Energy, Inc.(b)		41,337
	159,000	UTS Energy Corp.(b)		361,347
	8,900	Vector Aerospace Corp.(b)		51,273
	13,560	Vero Energy, Inc.(b)		87,378
	100,725	Viterra, Inc.(b)		897,741
	34,303	Viterra, Inc. - CDI(b)		298,606
	2,100	Vitran Corp., Inc.(b)		18,599
	1,400	Waste Services, Inc.(b)		12,712
	1,600	WaterFurnace Renewable Energy, Inc.		37,754
	39,400	West Energy Ltd.(b)		156,237
	13,864	West Fraser Timber Co. Ltd.		424,510
	18,100	Western Coal Corp.(b)		57,216
	22,900	Western Financial Group, Inc.		60,181
	6,300	Westjet Airlines Ltd.(b)		64,989
	9,385	Westport Innovations, Inc.(b)		116,824
	34,300	Wi-Lan, Inc.		85,329
	10,848	Winpak Ltd.		84,917
	4,300	Xtreme Coil Drilling Corp.(b)		22,722
	97,900	Yamana Gold, Inc.		986,096
	62,000	Zarlink Semiconductor, Inc.(b)		69,581
	1,100	ZCL Composites, Inc.		3,981
				86,633,809
CAYMAN ISLANDS — 0.0%
	5,200	Fresh Del Monte Produce, Inc.(b)		105,716
	2,400	Greenlight Capital Re Ltd. - Class A(b)		57,960
	1,700	Herbalife Ltd.		66,045
	16,000	Siem Offshore, Inc.(b)		24,264

12

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
CAYMAN ISLANDS (continued)
	900	United America Indemnity Ltd.(b)	$	6,381
				260,366
CHILE — 0.1%
	171,298	AES Gener SA		80,142
	12,188	Banco de Credito e Inversiones		453,475
	164,971	Banmedica SA		181,024
	11,464	CAP SA		368,528
	49,991	Cementos BIO BIO SA		109,692
	23,013	Cia Cervecerias Unidas SA		178,624
	12,790	Cia de Consumidores de Gas de Santiago SA		61,009
	41,009	Cia General de Electricidad		258,996
	86,364	Cia Sudamericana de Vapores SA(b)		66,573
	50,487,302	CorpBanca SA		415,574
	17,867	Cristalerias de Chile SA		204,548
	18,148	Embotelladora Andina SA - Class B, Preference Shares		59,919
	12,193	Empresa Nacional de Telecomu- nicaciones SA		175,732
	792,236	Empresas Iansa SA(b)		58,016
	36,151	Empresas La Polar SA		202,807
	37,174	Farmacias Ahumada SA		91,492
	200,535	Industrias Forestales SA		49,742
	192,747	Inversiones Aguas Metropolitanas SA		235,158
	1,454,475	Madeco SA		88,528
	502,005	Masisa SA		69,444
	115,607	Ripley Corp. SA		96,394
	31,991	Salfacorp SA		54,692
	132,510	Socovesa SA		48,038
	186,725	Vina Concha y Toro SA		429,350
	7,792,205	Vina San Pedro SA		59,471
				4,096,968
CHINA — 0.3%
	150,000	AAC Acoustic Technologies Holdings, Inc.		246,555
	180,000	Agile Property Holdings Ltd.		224,141
	278,000	Air China Ltd. - H Shares(b)		230,495
	4,000	Ajisen China Holdings Ltd.		3,650
	182,000	Aluminum Corp. of China Ltd. - H Shares(b)		180,839
	86,000	Angang Steel Co. Ltd. - H Shares		148,266
	22,000	Anhui Conch Cement Co. Ltd. - H Shares		120,698
	48,000	Anhui Expressway Co. Ltd. - H Shares		33,159
	112,000	Asia Environment Holdings Ltd.(b)		22,828
	192,000	AviChina Industry & Technology Co. - H Shares(b)		86,165

Shares			Value
CHINA (continued)
	30,000	Baoye Group Co. Ltd. - H Shares	$	19,087
	200,000	Beijing Capital International Airport Co. Ltd. - H Shares(b)		111,976
	92,000	Beijing Capital Land Ltd. - H Shares		31,825
	192,000	Beijing North Star Co. Ltd.		59,933
	344,000	Bosideng International Holdings Ltd.		68,075
	263,000	China Aoyuan Property Group Ltd.(b)		41,068
	164,000	China Communications Services Corp. Ltd. - H Shares		82,891
	202,500	China COSCO Holdings Co. Ltd. - H Shares		238,499
	242,000	China Eastern Airlines Corp. Ltd. - H Shares(b)		80,859
	291,000	China Energy Ltd.(b)		45,816
	25,000	China High Speed Transmission Equipment Group Co. Ltd.		49,620
	85,000	China Molybdenum Co. Ltd. - H Shares		65,949
	24,000	China National Building Material Co. Ltd. - H Shares		39,658
	45,000	China National Materials Co. Ltd. - H Shares		27,222
	54,000	China Oilfield Services Ltd. - H Shares		63,817
	174,000	China Railway Group Ltd. - H Shares(b)		124,762
	202,000	China Rare Earth Holdings Ltd.(b)		45,292
	939,600	China Resources Microelec- tronics Ltd.(b)		38,594
	54,000	China Shineway Pharmaceutical Group Ltd.		94,282
	561,000	China Shipping Container Lines Co. Ltd. - H Shares(b)		210,244
	58,000	China Shipping Development Co. Ltd. - H Shares		90,824
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		61,635
	152,000	China Wireless Technologies Ltd.		43,210
	17,000	China XLX Fertiliser Ltd.		6,518
	156,000	China Yurun Food Group Ltd.		437,124
	106,000	Chongqing Iron & Steel Co. Ltd. - H Shares		32,968
	335,000	Country Garden Holdings Co.		109,328
	182,000	Dalian Port PDA Co. Ltd. - H Shares		72,796
	152,000	Datang International Power Generation Co. Ltd. - H Shares		64,464
	20,000	Delong Holdings Ltd.(b)		8,805
	12,800	Dongfang Electric Corp. Ltd. - H Shares		63,090

13

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
CHINA (continued)
	310,000	Dongfeng Motor Group Co. Ltd. - H Shares	$	402,786
	339,000	Fosun International		238,498
	275,000	Foxconn International Holdings Ltd.(b)		288,381
	148,000	Golden Eagle Retail Group Ltd.		264,677
	37,500	Great Wall Motor Co. Ltd. - H Shares		50,895
	81,500	Greentown China Holdings Ltd.		97,186
	188,000	Guangshen Railway Co. Ltd. - H Shares		76,809
	118,000	Harbin Power Equipment Co. Ltd. - H Shares		94,073
	89,000	Hidili Industry International Development Ltd.(b)		93,218
	124,000	Huadian Power International Co. - H Shares(b)		31,731
	140,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		54,919
	141,000	Intime Department Store Group Co. Ltd.		120,432
	58,000	Jiangsu Expressway Co. Ltd. - H Shares		51,623
	88,000	Jiangxi Copper Co. Ltd. - H Shares		175,700
	148,500	KWG Property Holding Ltd.		89,367
	88,000	Li Ning Co. Ltd.		267,374
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		75,292
	214,000	Maanshan Iron & Steel - H Shares(b)		128,148
	236,000	Pacific Textile Holdings Ltd.		166,879
	34,500	Parkson Retail Group Ltd.		58,949
	94,000	PICC Property & Casualty Co. Ltd - H Shares(b)		84,890
	160,000	Qingling Motors Co. Ltd. - H Shares		36,444
	2,806,000	Semiconductor Manufacturing International Corp.(b)		209,012
	98,000	Shanghai Electric Group Co. Ltd. - H Shares		42,433
	78,000	Shanghai Forte Land Co. - H Shares		20,732
	172,000	Shenzhen Expressway Co. Ltd. - H Shares		89,604
	435,600	Shui On Land Ltd.		205,749
	100,000	Sichuan Expressway Co. Ltd. - H Shares		54,064
	125,000	Sichuan Xinhua Winshare Chainstore Co. Ltd. - H Shares		51,773
	286,660	Sino-Ocean Land Holdings Ltd.		231,707
	252,000	Sinopec Shanghai Petrochemical Co. Ltd.(b)		87,925
	142,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		34,369
	356,000	Sinotrans Ltd. - H Shares		94,286
	901,000	Sinotrans Shipping Ltd.		418,649

Shares			Value
CHINA (continued)
	61,000	Sinotruk Hong Kong Ltd.	$	71,014
	254,500	Soho China Ltd.		123,623
	65,500	Stella International Holdings Ltd.		134,342
	16,200	Student Transportation of America Ltd.		70,603
	6,800	Tencent Holdings Ltd.		126,063
	62,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		21,193
	102,000	Tingyi Cayman Islands Holding Corp.		220,270
	147,000	Travelsky Technology Ltd. - H Shares		121,112
	18,000	Tsingtao Brewery Co. Ltd. - H Shares		89,359
	15,000	Weichai Power Co. Ltd. - H Shares		108,211
	110,000	Weiqiao Textile Co. Ltd. - H Shares		73,426
	126,000	Xinao Gas Holdings Ltd.		298,455
	114,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares		57,094
	118,000	Zhejiang Expressway Co. Ltd. - H Shares		101,919
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)		13,961
	24,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		43,778
	12,740	ZTE Corp. - H Shares		74,322
				10,064,346
CYPRUS — 0.0%
	25,000	Deep Sea Supply Plc(b)		39,004
	90,000	Prosafe Production Public Ltd.(b)		179,078
	29,500	ProSafe SE		165,358
				383,440
DENMARK — 0.3%
	1,482	ALK-Abello A/S		113,322
	4,607	Alm Brand A/S(b)		79,691
	14,778	Amagerbanken A/S(b)		98,074
	5,250	Auriga Industries - Class B		104,855
	12,129	Bang & Olufsen A/S(b)		149,384
	1,012	Bavarian Nordic - Placement Shares(c)(d)		32,337
	2,025	Bavarian Nordic A/S(b)		64,232
	9,000	Capinordic A/S(b)		5,333
	185	Coloplast A/S - Class A		20,064
	9,368	D/S Norden		409,376
	11,259	D/S Torm A/S		123,477
	5,928	Dalhoff Larsen & Horneman A/S - Class B(b)		18,975
	23,636	Danisco A/S		1,646,746
	950	DFDS A/S(b)		68,893
	250	DiBa Bank A/S(b)		2,927

14

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
DENMARK (continued)
	28,630	DSV A/S(b)	$	507,986
	3,657	East Asiatic Co. Ltd. A/S		114,453
	2,200	Fionia Bank A/S(b)(c)(d)		0
	10,914	FLSmidth & Co. A/S		695,474
	5,773	Genmab A/S(b)		104,322
	81,337	GN Store Nord A/S(b)		495,746
	26,748	Greentech Energy Systems(b)		104,127
	810	H+H International A/S - Class B(b)		10,273
	1,541	Harboes Bryggeri A/S - Class B		32,014
	1,200	IC Companys A/S(b)		43,569
	27,331	Jyske Bank A/S(b)		1,011,689
	4,290	NeuroSearch A/S(b)		66,375
	9,765	NKT Holding A/S(b)		567,918
	1,300	Nordjyske Bank A/S(b)		27,507
	250	Norresundby Bank A/S(b)		8,245
	200	Parken Sport & Entertainment A/S(b)		10,378
	661	PER Aarsleff A/S - Class B		70,331
	980	Ringkjoebing Landbobank A/S(b)		115,346
	2,753	Rockwool International A/S - Class B		315,260
	2,250	Royal UNIBREW A/S(b)		57,196
	350	Sanistal A/S - Class B(b)		4,611
	291	Satair A/S		11,037
	6,623	Schouw & Co.		116,621
	930	SimCorp A/S		165,756
	8,021	Sjaelso Gruppen(b)		15,342
	1,474	Solar Holdings A/S - Class B		95,431
	10,199	Spar Nord Bank A/S(b)		116,185
	325	Sparbank(b)		6,402
	100	Sparekassen Faaborg A/S(b)		15,849
	26,798	Sydbank A/S(b)		691,066
	2,012	Thrane & Thrane A/S.		52,121
	17,895	TK Development(b)		95,207
	2,076	Topdanmark A/S(b)		252,166
	57,742	TopoTarget A/S(b)		30,441
	3,445	Vestjysk Bank A/S(b)		57,606
				9,021,736
EGYPT — 1.0%
	700,000	Orascom Construction Industries GDR		32,970,000
FINLAND — 1.3%
	9,896	Ahlstrom Oyj		131,955
	11,568	Alma Media		118,367
	39,441	Amer Sports Oyj - Class A		429,332
	5,127	Atria Plc		80,096
	1,400	Bank of Aland Plc - Class B		48,138
	13,964	Cargotec Corp. - Class B		396,135
	16,468	Comptel Oyj		18,424
	9,295	Cramo Oyj		183,455
	6,818	Digia Plc		33,904
	10,700	Elektrobit Corp.(b)		14,183
	33,625	Elisa Oyj		733,214

Shares			Value
FINLAND (continued)
	15,985	Finnair Oyj(b)	$	84,662
	6,300	Finnlines Oyj(b)		68,774
	9,150	Fiskars Oyj Abp		150,684
	11,650	F-Secure Oyj		45,646
	3,265	Glaston Oyj Abp		5,383
	6,821	HKScan Oyj		84,849
	30,353	Huhtamaki Oyj		406,903
	785	Ilkka-Yhtyma Oyj		6,711
	21,043	Kemira Oyj		327,103
	26,945	Kesko Oyj - Class B		866,584
	15,192	Kone Oyj - Class B		611,877
	12,000	Konecranes Oyj		352,161
	5,400	Lassila & Tikanoja Oyj		117,554
	1,850	Lemminkainen Oyj		60,343
	802,127	Metso Oyj		26,920,512
	64,655	M-real Oyj - Class B(b)		153,411
	37,504	Neste Oil Oyj		613,565
	25,231	Nokian Renkaat Oyj		610,013
	1,850	Olvi Oyj - Class A		70,074
	29,419	Oriola-KD Oyj - Class B		183,473
	9,402	Orion Oyj - Class A		206,065
	16,563	Orion Oyj - Class B		362,315
	48,189	Outokumpu Oyj		869,726
	4,348	Outotec Oyj		145,842
	2,586	PKC Group Oyj		28,747
	71,582	Pohjola Bank Plc		733,457
	1,080	Ponsse Oyj		10,971
	7,300	Poyry Oyj		114,991
	30,691	Raisio Plc - V Shares		120,702
	34,032	Ramirent Oyj(b)		339,388
	6,800	Rapala VMC Oyj		48,080
	34,374	Rautaruukki Oyj		703,669
	21,711	Ruukki Group Oyj(b)		62,431
	19,422	Sanoma Oyj		429,934
	740	Scanfil Oyj		3,093
	2,130	SRV Group Plc		17,025
	3,260	Stockman Oyj Abp - Class A		106,958
	13,158	Stockman Oyj Abp - Class B		397,507
	221,991	Stora Enso Oyj - Class R(b)		1,363,121
	15,963	Tecnomen Lifetree Oyj		21,346
	14,073	Tieto Oyj		313,239
	190,224	UPM-Kymmene Oyj		2,086,231
	17,900	Uponor Oyj		339,765
	1,200	Vacon Plc		42,400
	1,187	Vaisala Oyj - Class A		41,073
	19,968	Wartsila Oyj		939,837
	45,716	YIT Oyj		1,013,533
				44,788,931
FRANCE — 3.0%
	4,110	Aeroports de Paris		320,261
	778	Affine SA		17,453
	70,059	Air France-KLM(b)		1,141,612
	916,272	Alcatel-Lucent(b)		3,086,159
	902	Ales Groupe		13,381
	3,474	Alten Ltd.(b)		99,372

15

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
FRANCE (continued)
	27,561	Altran Technologies SA(b)	$	163,439
	62	ANF SA		2,802
	3,839	April Group		117,634
	26,764	Arkema SA		1,021,671
	6,609	Assystem(b)		78,257
	6,893	Atari SA(b)		40,005
	22,655	Atos Origin SA(b)		1,053,627
	1,591	Audika		58,290
	7,010	Beneteau SA(b)		125,596
	2,244	BioMerieux		246,702
	878	Boiron SA		37,352
	1,118	Bonduelle SCA		133,778
	2,069	Bongrain SA(b)		158,952
	11,907	Bourbon SA		462,323
	10,949	Bull SA(b)		52,292
	6,030	Bureau Veritas SA		290,522
	17,208	Canal Plus		142,516
	33,896	Cap Gemini		1,505,112
	5,652	Carbone Lorraine		193,462
	733	Cegedim SA(b)		58,743
	3,162	Cegid Group		83,120
	2,640	Ciments Francais SA		258,509
	4,566	Club Mediterranee SA(b)		78,257
	74,237	Compagnie Generale de Geophysique-Veritas(b)		1,815,622
	41,712	Compagnie Generale Des Etablissements Michelin - Class B		3,230,096
	1,082	Damartex SA		24,245
	10,333	Dassault Systemes SA		593,556
	1,095	Delachaux SA		57,902
	40,814	Derichebourg SA		182,361
	3,318	EDF Energies Nouvelles SA		165,776
	1,666	Eiffage SA		86,910
	845	Electricite de Strasbourg(b)		135,571
	332	Entrepose Contracting		29,197
	517	Eramet		155,648
	463	Esso Ste Anonyme Francaise		61,317
	19,688	Etablissements Maurel Et Prom		331,840
	1,280	Etam Developpement SA(b)		32,959
	12,585	Euler Hermes SA		1,019,120
	2,797	Euro Disney SCA Non-Registered Shares(b)		18,895
	13,937	Eutelsat Communications		449,839
	1,226	Exel Industries SA - Class A		44,572
	6,899	Faurecia(b)		145,036
	2,688	Fimalac		142,759
	839	Fleury Michon SA		42,270
	2,642	Fonciere Des Regions		262,557
	202	Gaumont SA		12,318
	12,894	Gemalto NV(b)		511,879
	9,260	GFI Informatique		36,603
	3,045	GL Events		65,284
	899	Groupe Crit		24,207
	97,644	Groupe Eurotunnel SA		941,361
	12,889	Groupe Steria SCA		375,950

Shares			Value
FRANCE (continued)
	251	Guerbet	$	33,741
	1,184	Guyenne et Gascogne SA		103,531
	6,586	Haulotte Group SA		58,119
	70,170	Havas SA		306,635
	3,308	ICADE		318,840
	2,593	Iliad SA		287,394
	8,512	Imerys SA		470,746
	2,264	IMS International Metal Service(b)		30,831
	8,908	Ingenico		210,848
	4,543	Ipsen SA		244,278
	5,433	IPSOS		170,612
	16,879	JC Decaux SA(b)		433,968
	837	Kaufman & Broad SA(b)		19,875
	12,671	Klepierre		472,029
	1,361	Korian		36,089
	49,549	Lagardere SCA		1,919,922
	863	Laurent-Perrier		74,052
	14,623	Legrand SA		421,943
	669	LISI		35,912
	10,685	M6-Metropole Television		283,774
	629	Maisons France Confort		22,989
	3,415	Manitou BF SA(b)		47,340
	873	Manutan (Societe)		48,378
	1,668	Meetic(b)		46,584
	1,975	MR Bricolage		35,072
	143,061	Natixis(b)		659,630
	4,863	Neopost SA		386,979
	12,933	Nexans SA		1,034,061
	8,619	Nexity		313,446
	463	Norbert Dentressangle		29,502
	8,757	NRJ Group(b)		76,871
	6,698	Orpea		289,819
	22,865	PagesJaunes Groupe		246,692
	66,220	Peugeot SA(b)		2,149,639
	1,266	Pierre & Vacances		89,230
	3,304	Plastic-Omnium SA		108,175
	20,215	Publicis Groupe		831,612
	485	Radiall		42,459
	8,945	Rallye SA		314,855
	6,947	Recylex SA(b)		79,975
	5,948	Remy Cointreau SA		298,122
	88,196	Rexel SA(b)		1,244,267
	14,441	Rhodia SA(b)		256,347
	1,356	Rodriguez Group(b)(c)(d)		5,452
	1,707	Rubis		141,608
	78,924	Safran SA		1,541,384
	4,464	Saft Groupe SA		191,425
	73,550	SCOR SE		1,704,024
	6,382	SEB SA		414,394
	3,422	Sechilienne-Sidec		115,748
	2,724	SeLoger.com(b)		94,945
	6,704	Societe BIC SA		476,767
	3,095	Societe Immobiliere de Location pour l’Industrie et le Commerce		355,851

16

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
FRANCE (continued)
	23,410	Societe Television Francaise 1	$	403,679
	16,292	SOITEC(b)		228,136
	815	Somfy SA		151,970
	811	Sopra Group SA		59,969
	1,454	Sperian Protection		97,735
	573	Spir Communication(b)		18,194
	1,360	Stallergenes		108,410
	857	Ste Industrielle d’Aviation Latecoere SA(b)(c)(d)		6,785
	1,316	STEF-TFE		78,236
	62	Sucriere de Pithiviers-Le-Vieil		62,242
	1,305	Synergie SA		34,061
	83,571	Technicolor(b)		110,360
	25,408	Technip SA		1,736,919
	12,717	Teleperformance		415,084
	5,112	Theolia SA(b)		23,135
	2,088	Trigano SA		44,365
	10,614	UBISOFT Entertainment(b)		144,811
	886	Union Financiere de France BQE SA		32,250
	31,023	Valeo SA(b)		1,019,026
	313,330	Vallourec		53,893,963
	7,341	Viel et Compagnie		31,488
	897	Vilmorin & Cie		101,074
	1,248	Virbac SA		122,720
	494	VM Materiaux SA		30,901
	9,045	Zodiac SA		380,283
				100,999,426
GERMANY — 1.0%
	14,490	Aareal Bank AG(b)		258,395
	2,064	Adlink Internet Media AG(b)		10,936
	9,755	ADVA AG Optical Networking(b)		33,783
	652	Agennix AG(b)		4,339
	10,374	Air Berlin Plc(b)		60,073
	11,559	Aixtron AG		345,353
	5,964	Alstria Office AG REIT		67,490
	7,550	Arques Industries AG(b)		14,949
	634	Asian Bamboo AG		23,760
	3,892	Augusta Technologie AG		55,720
	11,854	Aurubis AG		479,805
	823	Axel Springer AG		86,614
	6,102	Baader Bank AG		27,868
	9,350	Balda AG(b)		43,897
	3,136	Bauer AG		141,288
	5,853	Bechtle AG		152,209
	1,174	Bertrandt AG		36,339
	13,375	Bilfinger Berger AG		966,586
	1,034	Biotest AG		57,537
	780	Boewe Systec AG(b)		6,273
	8,211	Carl Zeiss Meditec AG		134,493
	24,293	Celesio AG		708,378
	2,610	Cenit AG(b)		17,576
	2,684	CENTROTEC Sustainable AG(b)		45,115

Shares			Value
GERMANY (continued)
	104	Centrotherm Photovoltaics AG(b)	$	5,792
	1,017	Cewe Color Holding AG		32,162
	8,271	Comdirect Bank AG		77,822
	32,384	Conergy AG(b)		34,580
	6,000	Constantin Medien AG(b)		15,329
	1,569	CTS Eventim AG		75,201
	4,009	Curanum AG		14,653
	6,258	DAB Bank AG		36,285
	7,237	Demag Cranes AG		226,062
	99,700	Deutsche Lufthansa AG		1,598,981
	51,717	Deutsche Postbank AG(b)		1,573,829
	39,780	Deutsche Wohnen AG(b)		404,270
	30,691	Deutz AG(b)		142,820
	7,612	Douglas Holdings AG		339,383
	3,145	Duerr AG		67,892
	4,400	DVB Bank SE		152,913
	206	Eckert & Ziegler AG		5,921
	2,087	Elexis AG		24,554
	2,322	Elmos Semiconductor AG(b)		20,153
	1,987	ElringKlinger AG		44,136
	920	Envitec Biogas AG		15,248
	48,689	Evotec AG(b)		128,339
	632	Evotec AG ADR		3,274
	3,542	Fielmann AG		280,514
	14,402	Fraport AG Frankfurt Airport Services Worldwide		731,678
	30,065	Freenet AG(b)		381,693
	1,320	Fuchs Petrolub AG		107,114
	31,064	GEA Group AG		633,622
	6,330	Generali Deutschland Holding AG		651,161
	9,536	Gerresheimer AG		311,798
	2,237	Gerry Weber International AG		70,971
	858	Gesco AG		44,367
	5,544	GFK AG		203,193
	723	GFT Technologies AG		2,642
	18,690	Gildemeister AG		274,960
	1,715	Grammer AG(b)		13,882
	2,004	Grenkeleasing AG		87,643
	3,184	Hamburger Hafen und Logistik AG		118,103
	26,098	Hannover Rueckversicherung AG(b)		1,205,157
	1,410	Hawesko Holding AG		41,439
	9,116	HeidelbergCement AG		550,519
	32,016	Heidelberger Druckmaschinen AG(b)		228,571
	11,819	Hochtief AG		879,747
	547	Homag Group AG		8,371
	5,100	Indus Holding AG		86,279
	555,298	Infineon Technologies AG(b)		3,064,327
	834	Interseroh SE		56,837
	341	Isra Vision AG		6,237
	47,496	IVG Immobilien AG(b)		359,163
	17,471	Jenoptik AG(b)		108,343

17

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
GERMANY (continued)
	3,193	Kizoo AG(b)	$	34,415
	27,061	Kloeckner & Co. SE(b)		639,306
	13,686	Kontron AG		150,666
	4,116	Krones AG		204,107
	210	KSB AG		128,564
	7,388	KUKA AG(b)		117,875
	1,410	KWS Saat AG		241,462
	35,935	Lanxess AG		1,361,956
	15,203	Leoni AG		341,330
	1,656	Loewe AG		22,890
	860	LPKF Laser & Electronics AG(b)		5,602
	720	Manz Automation AG(b)		60,064
	4,500	Medigene AG(b)		22,382
	13,952	Medion AG		142,859
	13,558	MLP AG		138,772
	2,700	Morphosys AG(b)		63,072
	11,359	MTU Aero Engines Holding AG		589,610
	120	Muehlbauer Holding AG & Co. KGaA		3,061
	6,932	MVV Energie AG		298,444
	1,551	Nemetschek AG(b)		34,135
	5,755	Nordex AG(b)		77,363
	1,199	Pfeiffer Vacuum Technology AG		98,498
	15,573	Pfleiderer AG(b)		137,684
	7,480	PNE Wind AG(b)		21,850
	32,110	Praktiker Bau- und Heimwerk-ermaerkte AG		269,019
	1,040	Puma AG		318,395
	4,350	PVA TePla AG(b)		29,537
	8,485	Q-Cells SE(b)		115,898
	23,144	QSC AG(b)		50,218
	932	Rational AG		152,139
	1,266	REpower Systems AG(b)		224,272
	14,967	Rheinmetall AG		953,604
	31,201	Rhoen Klinikum AG		766,560
	2,578	Roth & Rau AG(b)		103,880
	16,963	Salzgitter AG		1,501,129
	475	Sartorius AG		10,721
	1,302	Schlott Gruppe AG		8,936
	15,182	SGL Carbon AG(b)		428,548
	21,208	Singulus Technologies(b)		118,268
	3,685	Sixt AG		120,020
	79,044	Sky Deutschland AG(b)		217,300
	558	SMA Solar Technology AG		65,387
	5,314	Software AG		605,526
	3,365	Solar Millennium AG(b)		148,332
	13,447	Solarworld AG		225,940
	1,149	Solon SE(b)		9,904
	24,382	Stada Arzneimittel AG		799,615
	904	STINAG Stuttgart Invest AG		23,823
	2,302	Stratec Biomedical Systems AG		80,639
	17,931	Suedzucker AG		415,413
	1,203	Suess Microtec(b)		6,287
	15,180	Symrise AG		337,401
	4,152	Takkt AG		50,298

Shares			Value
GERMANY (continued)
	21,467	Tognum AG	$	373,927
	65,010	TUI AG(b)		600,999
	16,295	United Internet AG(b)		239,757
	5,101	Versatel AG(b)		48,825
	1,861	Vossloh AG		190,112
	2,107	VTG AG		31,307
	3,487	Wacker Chemie AG		456,435
	12,899	Wacker Neuson SE		159,759
	6,438	Wincor Nixdorf AG		435,723
	12,563	Wirecard AG		159,514
	1,163	Zhongde Waste Technology AG		18,652
				35,134,692
GREECE — 0.3%
	1,181	Aegean Airlines SA		5,717
	68,418	Agriculture Bank of Greece(b)		159,534
	277,090	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		178,084
	114,974	Alpha Bank AE(b)		1,103,540
	59,949	Anek Lines SA(b)		45,391
	11,258	Aspis Bank SA(b)		12,606
	1,098	Astir Palace Hotel SA(b)		4,393
	11,879	Athens Medical Center SA		20,459
	5,750	Athens Water Supply & Sewage Co. SA (The)		45,522
	22,179	Attica Bank(b)		45,328
	5,239	Bank of Greece		316,981
	29,378	Coca-Cola Hellenic Bottling Co. SA		673,324
	31,722	Diagnostic & Therapeutic Center of Athens Hygeia SA		65,010
	114,242	EFG Eurobank Ergasias SA(b)		973,324
	37,249	Ellaktor SA		228,852
	3,862	Elval Aluminium Process Co.(b)		6,863
	5,308	Emporiki Bank SA(b)		27,504
	3,298	Euromedica SA(b)		20,468
	39,058	Forthnet SA(b)		58,847
	9,621	Fourlis Holdings SA		117,114
	11,373	Frigoglass SA(b)		109,354
	19,954	GEK Terna Holding Real Estate Construction SA		144,062
	38,182	Geniki Bank(b)		35,879
	9,780	Halcor SA(b)		15,547
	2,570	Hellenic Duty Free Shops SA		22,469
	9,731	Hellenic Exchanges SA Holding Clearing Settlement and Registry		103,580
	32,414	Hellenic Petroleum SA		400,177
	5,613	Hellenic Telecommunications Organization SA		76,901
	11,102	Heracles General Cement Co.(b)		82,897
	5,583	Iaso SA		24,796
	48,615	Intracom Holdings SA(b)		69,955

18

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
GREECE (continued)
	29,569	Intracom SA Technical & Steel Constructions(b)	$	25,424
	10,565	J&P-Avax SA		28,758
	10,171	Lambrakis Press SA(b)		24,656
	373,808	Marfin Investment Group SA(b)		1,032,200
	5,160	Metka SA		65,196
	45,695	Michaniki SA		56,882
	12,165	Motor Oil (Hellas) Corinth Refineries SA		168,270
	57,878	Mytilineos Holdings SA		350,598
	7,509	Nireus Aquaculture SA(b)		5,962
	113,842	Piraeus Bank SA(b)		961,846
	1,217	Piraeus Port Authority		22,020
	28,257	Proton Bank SA(b)		59,255
	19,038	Public Power Corp. SA(b)		355,662
	2,906	S&B Industrial Minerals SA		18,165
	5,750	Sarantis SA		32,229
	16,774	Sidenor Steel Products Manufacturing Co. SA(b)		82,771
	28,837	Technical Olympic SA(b)		16,326
	3,630	Teletypos SA Mega Channel		20,010
	6,016	Terna Energy SA		48,555
	1,382	Thessaloniki Port Authority SA		24,957
	15,920	Titan Cement Co. SA		451,427
	45,182	TT Hellenic Postbank SA(b)		267,845
	43,104	Viohalco		199,312
				9,512,804
HONG KONG — 0.9%
	96,000	Alco Holdings Ltd.		34,510
	30,000	Allied Group Ltd.		74,099
	1,098,000	Allied Properties HK Ltd.(b)		191,627
	92,000	AMVIG Holdings Ltd.		37,739
	420,000	Apac Resources Ltd.(b)		24,486
	142,000	Asia Financial Holdings Ltd.		50,578
	57,000	Asia Satellite Telecommunications Holdings Ltd.		82,048
	377,877	Asia Standard International Group Ltd.		63,545
	31,000	ASM Pacific Technology Ltd.		255,659
	36,000	Associated International Hotels Ltd.(b)		78,002
	62,000	Beijing Enterprises Holdings Ltd.		430,394
	210,000	Beijing Enterprises Water Group Ltd.(b)		68,202
	148,000	Belle International Holdings Ltd.		167,203
	340,000	Brilliance China Automotive Holdings Ltd.(b)		88,650
	438,000	C C Land Holdings Ltd.		159,061
	64,000	Cafe de Coral Holdings Ltd.		139,889
	5,100,000	Capital Estate Ltd.(b)		37,764
	129,000	Centron Telecom International Holdings Ltd.(b)		35,938
	460,000	Century City International		30,643

Shares			Value
HONG KONG (continued)
	545,373	Champion Technology Holdings Ltd.	$	18,267
	378,560	Chaoda Modern Agriculture Holdings Ltd.		369,966
	925,000	Chaoyue Group Ltd.(b)		111,513
	70,000	Chen Hsong Holdings Ltd.		21,734
	106,000	Chevalier International Holdings Ltd.		86,569
	150,000	Chia Tai Enterprises International Ltd.(b)		4,994
	225,000	China Aerospace International Holdings Ltd.(b)		36,565
	236,000	China Agri-Industries Holdings Ltd.		320,922
	122,000	China BlueChemical Ltd. - H Shares		79,149
	130,000	China Electronics Corp. Holdings Co. Ltd.(b)		19,728
	245,000	China Everbright International Ltd.		115,588
	88,000	China Everbright Ltd.		206,468
	174,000	China Foods Ltd.		148,298
	228,000	China Gas Holdings Ltd.		120,866
	830,000	China Grand Forestry Green Resources Group Ltd.(b)		28,091
	63,000	China Green Holdings Ltd.		75,200
	1,002,000	China Infrastructure Investment Ltd.(b)		30,636
	62,000	China Mengniu Dairy Co. Ltd.(b)		190,529
	128,312	China Merchants Holdings International Co. Ltd.		426,344
	106,000	China Metal International Holdings, Inc.		29,775
	1,070,000	China Mining Resources Group Ltd.(b)		31,860
	400,800	China Ocean Shipbuilding Industry Group Ltd(b)		17,968
	600,000	China Oil and Gas Group Ltd.(b)		85,980
	190,000	China Pharmaceutical Group Ltd.		96,702
	346,000	China Power International Development Ltd.(b)		85,252
	308,000	China Public Procurement Ltd.(b)		35,835
	4,844,000	China Renji Medical Group Ltd.(b)		36,038
	186,000	China Resources Enterprise		610,751
	34,800	China Resources Gas Group Ltd.		50,583
	70,000	China Resources Land Ltd.		125,774
	74,000	China Resources Power Holdings Co. Ltd.		142,515
	1,128,000	China Sci-Tech Holdings Ltd.(b)		45,442
	210,000	China Seven Star Shopping Ltd.(b)		4,958

19

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	720,000	China Solar Energy Holdings Ltd.(b)	$	13,794
	163,200	China State Construction International Holdings Ltd.		56,318
	134,000	China Taiping Insurance Holdings Co Ltd(b)		421,328
	3,700,000	China Timber Resources Group Ltd.(b)		72,887
	192,000	China Ting Group Holdings Ltd.		32,797
	312,000	China Travel International Investment Hong Kong Ltd.		77,302
	1,000,000	China Windpower Group Ltd.(b)		97,237
	800,000	China Yunnan Tin Minerals Group Co. Ltd.(b)		22,470
	51,000	Chong Hing Bank Ltd.		91,742
	86,000	Chow Sang Sang Holdings International Ltd.		96,934
	92,000	Chuang’s Consortium International Ltd.		9,179
	147,000	Citic 1616 Holdings Ltd.		39,893
	350,000	Citic 21CN Co. Ltd.(b)		63,588
	287,000	Citic Pacific Ltd.		607,717
	581,000	Citic Resources Holdings Ltd.(b)		143,655
	103,000	Clear Media Ltd.(b)		59,770
	25,000	CNNC International Ltd.(b)		28,031
	600,000	CNPC (Hong Kong) Ltd.		742,196
	998,000	Coastal Greenland Ltd.(b)		68,485
	113,740	Comba Telecom Systems Holdings Ltd.		123,130
	120,000	Cosco International Holdings Ltd.		55,943
	238,000	COSCO Pacific Ltd.		345,650
	756,000	CP Pokphand Co.(b)		51,516
	44,000	Cross-Harbour Holdings Ltd.		37,951
	1,590,000	CSI Properties Ltd.		39,508
	55,600	Dah Sing Banking Group Ltd.(b)		74,402
	52,400	Dah Sing Financial Holdings Ltd.(b)		252,926
	192,000	Daphne International Holdings Ltd.		145,300
	510,000	Denway Motors Ltd.		290,605
	131,550	Dickson Concepts International Ltd.		68,550
	121,000	Digital China Holdings Ltd.		190,454
	110,000	Dynasty Fine Wines Group Ltd.		31,756
	146,000	Eagle Nice International Holdings Ltd.		59,365
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	85,000	Emperor Entertainment Hotel Ltd.		11,223
	214,000	Emperor International Holdings Ltd.		40,344
	446,943	Enerchina Holdings Ltd.(b)		8,760

Shares			Value
HONG KONG (continued)
	554,000	eSun Holdings Ltd.(b)	$	72,095
	110,000	Extrawell Pharmaceutical Holdings Ltd.(b)		14,735
	225,116	Far East Consortium International Ltd.		72,243
	518,400	First Pacific Co.		288,545
	54,000	Fong’s Industries Co. Ltd.(b)		21,269
	118,000	Fountain SET Holdings Ltd.(b)		20,712
	304,000	Franshion Properties China Ltd.		99,692
	39,000	FU JI Food and Catering Services Holdings Ltd.(b)(c)(d)		0
	98,000	Fubon Bank Hong Kong Ltd.		38,875
	112,000	Fushan International Energy Group Ltd.		96,117
	482,000	Galaxy Entertainment Group Ltd.(b)		180,729
	490,000	Geely Automobile Holdings Ltd.		215,917
	785,000	Genesis Energy Holdings Ltd.(b)		22,358
	498,000	Genting Hong Kong Ltd.(b)		111,038
	598,000	Get Nice Holdings Ltd.		38,250
	326,000	Giordano International Ltd.		97,930
	408,000	Global Bio-Chem Technology Group Co. Ltd.		113,390
	390,000	Global Green Tech Group Ltd.(b)		17,724
	116,000	Glorious Sun Enterprises Ltd.		41,458
	1,510,000	Golden Resorts Group Ltd.		76,984
	110,000	Goldin Properties Holdings Ltd.(b)		50,896
	259,600	GOME Electrical Appliances Holdings Ltd.(b)		91,206
	44,000	Grande Holdings Ltd. (The)(b)		3,912
	216,738	Great Eagle Holdings Ltd.		527,757
	534,000	Guangdong Investment Ltd.		271,742
	256,191	GZI Transportation Ltd.		99,597
	160,000	Hannstar Board International Holdings Ltd.		40,775
	94,000	Harbour Centre Development Ltd.		76,196
	514,500	Heng Tai Consumables Group Ltd.(b)		47,477
	36,000	Hengan International Group Co. Ltd.		240,206
	222,000	Hengdeli Holdings Ltd.		73,427
	492,000	Hi Sun Technology (China) Ltd.(b)		275,356
	436,396	HKC Holdings Ltd.(b)		31,847
	314,000	HKR International Ltd.		116,976
	100,000	Hon Kwok Land Investment Co. Ltd.		32,354
	101,000	Hong Kong Ferry (Holdings) Co. Ltd.		80,745
	298,000	Hongkong & Shanghai Hotels (The)		419,499
	507,700	Hongkong Chinese Ltd.(b)		46,121

20

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	181,000	Hopewell Holdings Ltd.	$	547,813
	116,000	Hopson Development Holdings Ltd.		143,333
	12,000	Hua Han Bio-Pharmaceutical Holdings Ltd.		3,229
	143,631	Hung Hing Printing Group Ltd.		43,439
	1,450,000	Hutchison Harbour Ring Ltd.		171,374
	281,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		46,910
	556,000	Hutchison Telecommunications International Ltd.(b)		152,536
	135,000	I-CABLE Communications Ltd.(b)		20,285
	108,244	Industrial and Commercial Bank of China Asia Ltd.		210,561
	23,000	Integrated Distribution Services Group Ltd.		38,682
	3,525,000	Interchina Holdings Co.(b)		38,350
	398,000	IT Ltd.(b)		66,817
	242,000	Jinhui Holdings Ltd.(b)		80,559
	592,500	Johnson Electric Holdings Ltd.(b)		280,082
	510,579	K Wah International Holdings Ltd.		166,677
	1,020,000	Kai Yuan Holdings Ltd.(b)		45,697
	450,000	Kantone Holdings Ltd.		10,867
	42,000	Keck Seng Investments		21,306
	154,500	Kingboard Chemical Holdings Ltd.		656,068
	313,000	Kingboard Laminates Holdings Ltd.		220,627
	190,000	Kingdee International Software Group Co. Ltd.		46,515
	234,666	Kingway Brewery Holdings Ltd.(b)		45,233
	288,000	Kowloon Development Co. Ltd.		307,837
	3,997,000	Lai Sun Development Co. Ltd.(b)		62,585
	779,200	Lee & Man Paper Manufacturing Ltd.		445,532
	182,977	LeRoi Holdings Ltd.(b)		5,584
	61,500	Lifestyle International Holdings Ltd.		101,563
	40,000	Lijun International Pharmaceutical Holding Ltd.		6,157
	105,000	Lippo Ltd.		34,074
	110,000	Liu Chong Hing Investment Ltd.		99,534
	122,000	Lonking Holdings Ltd.		74,491
	361,000	Luen Thai Holdings Ltd.		38,041
	110,000	Luk Fook Holdings International Ltd.		88,360
	106,000	Luks Group Vietnam Holdings Co. Ltd.		45,781
	62,000	Lung Kee (Bermuda) Holdings Ltd.		30,629
	81,000	Meadville Holdings Ltd.		31,164
	9,143,750	Media China Corp. Ltd.(b)		57,000

Shares			Value
HONG KONG (continued)
	388,000	Melco International Development(b)	$	156,086
	98,000	Midland Holdings Ltd.		81,877
	440,000	Mingyuan Medicare Development Co. Ltd.(b)		69,873
	108,000	Minmetals Resources Ltd.(b)		35,817
	80,000	Minth Group Ltd.		100,944
	67,000	Miramar Hotel & Investment Co. Ltd.		70,948
	452,000	Mongolia Energy Co. Ltd.(b)		220,449
	6,771,148	Nan Hai Corp. Ltd.(b)		76,185
	145,000	Neo-China Land Group Holdings Ltd.(b)(c)(d)		92,446
	208,500	Neo-Neon Holdings Ltd.		150,061
	575,400	New World China Land Ltd.		175,073
	1,510,000	Neway Group Holdings Ltd.		50,409
	366,000	Newocean Energy Holdings Ltd.		44,557
	768,000	Next Media Ltd.(b)		104,165
	251,000	Nine Dragons Paper Holdings Ltd.		349,542
	153,679	NWS Holdings Ltd.		250,669
	1,165,570	Pacific Andes International Holdings Ltd.		222,222
	580,000	Pacific Basin Shipping Ltd.		426,276
	450,000	Pacific Century Premium Developments Ltd.(b)		133,840
	111,240	Paliburg Holdings Ltd.		36,017
	584,000	PCCW Ltd.		154,999
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	200,000	Pico Far East Holdings Ltd.		34,389
	1,200,000	Polytec Asset Holdings Ltd.		218,189
	48,000	Ports Design Ltd.		128,528
	138,000	Public Financial Holdings Ltd.		68,100
	756,322	PYI Corp. Ltd.(b)		34,743
	48,561	Qin Jia Yuan Media Services Co. Ltd.		9,011
	332,200	Regal Hotels International Holdings Ltd.		114,673
	1,750,000	REXLot Holdings Ltd.		208,633
	56,000	Road King Infrastructure Ltd.		40,324
	88,000	SA SA International Holdings Ltd.		56,663
	831,000	Samson Holding Ltd.		123,156
	80,000	SEA Holdings Ltd.		34,731
	85,000	Shanghai Industrial Holdings Ltd.		394,449
	3,660,000	Shanghai Zendai Property Ltd.(b)		150,043
	86,000	Shangri-La Asia Ltd.		149,331
	1,177,500	Shenzhen International Holdings Ltd.		89,145
	348,000	Shenzhen Investment Ltd.		124,048
	89,000	Shenzhou International Group Holdings Ltd.		111,616
	212,500	Shimao Property Holdings Ltd.		323,753

21

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	538,000	Shougang Concord International Enterprises Co. Ltd.	$	109,874
	118,000	Shui On Construction & Materials Ltd.		150,681
	448,000	Shun Tak Holdings Ltd.		258,775
	200,000	Silver Grant International Ltd.		70,687
	646,000	Singamas Container Holdings Ltd.(b)		100,008
	410,000	Sino Union Petroleum & Chemical International Ltd.(b)		45,651
	218,000	Sinofert Holdings Ltd.		126,263
	2,330,000	Sino-I Technology Ltd.(b)		14,465
	272,250	Sinolink Worldwide Holdings Ltd.		44,737
	118,000	Sinopec Kantons Holdings Ltd.		51,692
	158,000	Skyfame Realty Holdings Ltd.(b)(c)		10,786
	440,589	Skyworth Digital Holdings Ltd.		423,512
	52,000	SmarTone Telecommunications Holding Ltd.		47,909
	364,000	Solomon Systech International Ltd.		32,884
	696,000	South China China Ltd.		44,288
	195,486	SRE Group Ltd.(b)		17,412
	177,000	Sun Hung Kai & Co. Ltd.		136,466
	1,207,000	Superb Summit International Timber Co. Ltd.(b)		44,985
	194,000	TAI Cheung Holdings Ltd.		106,936
	118,022	Tai Fook Securities Group Ltd.		90,369
	196,000	Tak Sing Alliance Holdings Ltd.		27,827
	69,000	Tan Chong International Ltd.		13,044
	252,000	TCC International Holdings Ltd.(b)		97,184
	29,000	TCL Multimedia Technology Holdings Ltd.(b)		23,299
	406,500	Techtronic Industries Co.		334,261
	40,000	Television Broadcasts Ltd.		187,174
	132,000	Texwinca Holdings Ltd.		116,217
	82,800	Tian An China Investment Co. Ltd.		51,663
	106,000	Tianjin Development Holdings Ltd.		64,618
	130,000	Tianjin Port Development Holdings Ltd.(b)		38,551
	2,720,000	Titan Petrochemicals Group Ltd.(b)		100,725
	122,566	Tomson Group Ltd.		48,106
	1,740,000	Tongda Group Holdings Ltd.		57,738
	193,000	Towngas China Co. Ltd.		78,069
	228,000	TPV Technology Ltd.(c)		143,308
	35,600	Transport International Holdings Ltd.		102,101
	88,000	Truly International Holdings Ltd.		105,063
	194,000	Tysan Holdings Ltd.		29,102
	102,000	United Laboratories Ltd. (The)		50,804

Shares			Value
HONG KONG (continued)
	860,000	United Power Investment Ltd.(b)	$	21,384
	168,000	USI Holdings Ltd.		48,342
	134,000	Value Partners Group Ltd.(b)		91,578
	45,000	Varitronix International Ltd.		14,502
	348,000	Vedan International Holdings Ltd.		37,872
	364,000	Victory City International Holdings Ltd.		85,102
	136,000	Vitasoy International Holdings Ltd.		92,063
	68,000	VODone Ltd.(b)		17,586
	102,000	VST Holdings Ltd.		21,944
	26,000	VTech Holdings Ltd.		256,266
	312,000	Wah Nam International Holdings Ltd.(b)		43,153
	70,000	Wai Kee Holdings Ltd.(b)		15,164
	2,302,557	Wai Yuen Tong Medicine Holdings Ltd.(b)		19,831
	325,000	Wheelock Properties Ltd.		203,871
	29,000	Wing Hang Bank Ltd.		243,673
	29,000	Wing On Co. International Ltd.		38,668
	74,000	Xinyi Glass Holdings Co. Ltd.		58,223
	81,640	Xiwang Sugar Holdings Co. Ltd.		25,074
	94,000	Yip’s Chemical Holdings Ltd.		74,843
	145,000	Yue Yuen Industrial Holdings Ltd.		450,201
	654,000	Yuexiu Property Co. Ltd.		158,024
	3,102,000	Yugang International Ltd.(b)		34,837
	31,000	Zhaojin Mining Industry Co. Ltd. - H Shares		55,393
				30,205,853
HUNGARY — 0.0%
	1,508	Danubius Hotel & Spa Plc(b)		25,296
	2,195	Egis Plc		202,821
	344	EMASZ Rt		39,404
	28,924	FHB Mortgage Bank Plc(b)		201,663
	15,083	Fotex Holding SE Co. Ltd.(b)		29,501
	28,929	Magyar Telekom Telecommuni- cations Plc		104,135
	5,470	Richter Gedeon Nyrt		1,151,394
				1,754,214
INDIA — 0.7%
	1,272	Aban Offshore Ltd.		32,970
	4,494	ABB Ltd. India		78,562
	10,956	ACC Ltd.		206,310
	13,440	Adani Enterprises Ltd.		128,536
	13,319	Aditya Birla Nuvo Ltd.		244,554
	6,786	AIA Engineering Ltd.		50,364
	36,030	Allahabad Bank		110,180
	154,877	Alok Industries Ltd.		88,193
	116,788	Ambuja Cements Ltd.		256,166
	25,831	Amtek Auto Ltd.		94,590
	13,154	Anant Raj Industries Ltd.		38,239

22

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	35,532	Andhra Bank	$	81,311
	10,228	Apollo Hospitals Enterprise Ltd.		149,958
	43,566	Apollo Tyres Ltd.		49,462
	143,696	Ashok Leyland Ltd.		155,930
	2,238	Asian Paints Ltd.		89,741
	11,229	Aurobindo Pharma Ltd.		203,852
	1,746	Bajaj Auto Ltd.		66,216
	27,426	Bajaj Hindusthan Ltd.		120,166
	11,091	Bajaj Holdings and Investment Ltd.		135,679
	97,217	Ballarpur Industries Ltd.		53,505
	33,302	Balrampur Chini Mills Ltd.		86,198
	19,766	Bank of India		156,005
	4,328	BEML Ltd.		99,703
	2,434	Bharat Electronics Ltd.		102,637
	32,980	Bharat Forge Ltd.		189,613
	3,384	Bharat Petroleum Corp. Ltd.		39,686
	5,155	Bhushan Steel Ltd.		161,111
	14,324	Biocon Ltd.		83,068
	9,975	Birla Corp. Ltd.		78,539
	460	Bosch Ltd.		46,344
	1,308	Britannia Industries Ltd.		44,253
	15,431	Canara Bank		130,151
	9,156	Century Textile & Industries Ltd.		101,353
	6,433	CESC Ltd.		54,241
	38,402	Chambal Fertilizers & Chemicals Ltd.		53,734
	3,521	Colgate Palmolive India Ltd.		51,716
	11,251	Crompton Greaves Ltd.		105,403
	9,629	Cummins India Ltd.		93,445
	24,391	Dabur India Ltd.		84,749
	43,860	Dish TV India Ltd.(b)		40,103
	3,236	Divi’s Laboratories Ltd.		42,722
	17,128	Dr. Reddys Laboratories Ltd.		412,238
	5,347	Edelweiss Capital Ltd.		50,898
	11,129	EID Parry India Ltd.		89,694
	9,200	EIH Ltd.		24,845
	27,090	Essar Oil Ltd.(b)		80,161
	36,761	Exide Industries Ltd.		88,352
	52,494	Federal Bank Ltd.		288,835
	3,815	Financial Technologies India Ltd.		125,767
	22,790	Fortis Healthcare Ltd.(b)		69,722
	23,096	Gammon India Ltd.		121,711
	18,000	Geodesic Ltd.		50,195
	17,337	Gitanjali Gems Ltd.		42,675
	2,784	GlaxoSmithKline Consumer Healthcare Ltd.		79,727
	3,410	GlaxoSmithKline Pharmaceuticals Ltd.		111,488
	6,344	Glenmark Pharmaceuticals Ltd.		33,141
	11,114	Godrej Consumer Products Ltd.		56,537
	23,771	Godrej Industries Ltd.		75,355
	26,421	Great Eastern Shipping Co. Ltd. (The)		162,425

Shares			Value
INDIA (continued)
	5,928	Great Offshore Ltd.	$	53,915
	50,890	GTL Infrastructure Ltd.(b)		46,593
	6,751	GTL Ltd.		59,407
	16,814	Gujarat Mineral Development Corp. Ltd.		52,564
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.		68,970
	27,806	Gujarat State Petronet Ltd.		54,445
	51,969	GVK Power & Infrastructure Ltd.(b)		50,412
	20,140	HCL Infosystems Ltd.		56,134
	43,014	HCL Technologies Ltd.		320,380
	24,255	Hexaware Technologies Ltd.		42,828
	259,972	Hindalco Industries Ltd.		822,268
	36,441	Hindustan Construction Co.		105,583
	4,729	Hindustan Petroleum Corp. Ltd.		34,119
	12,002	Housing Development & Infrastructure Ltd.(b)		85,348
	11,000	HT Media Ltd.		34,802
	94,790	IDBI Bank Ltd.		248,785
	46,270	Idea Cellular Ltd.(b)		58,414
	66,875	IFCI Ltd.		74,296
	63,064	India Cements Ltd.		151,861
	34,265	India Infoline Ltd.		87,201
	52,967	Indiabulls Financial Services Ltd.		123,902
	73,027	Indiabulls Real Estate Ltd.(b)		274,979
	17,561	Indian Bank		68,089
	88,392	Indian Hotels Co. Ltd.		177,206
	2,039	Indian Overseas Bank		4,042
	45,438	Indusind Bank Ltd.		145,173
	7,842	Infotech Enterprises Ltd.		59,556
	173,718	Infrastructure Development Finance Co. Ltd.		567,367
	7,572	ING Vysya Bank Ltd.		40,384
	21,385	IRB Infrastructure Developers Ltd.		114,304
	80,440	Ispat Industries Ltd.(b)		34,019
	36,261	IVRCL Infrastructures & Projects Ltd.		239,789
	3,000	Jain Irrigation Systems Ltd.		46,916
	214,578	Jaiprakash Associates Ltd.		638,103
	3,258	Jammu & Kashmir Bank Ltd.		41,463
	9,049	Jet Airways India Ltd.(b)		100,349
	42,445	Jindal Saw Ltd.		162,507
	33,654	Jindal Steel & Power Ltd.		456,045
	5,000	Jubilant Organosys Ltd.		35,002
	20,887	Karnataka Bank Ltd.		58,896
	11,439	Kesoram Industries Ltd.		84,214
	32,439	Kotak Mahindra Bank Ltd.		545,280
	35,171	KS Oils Ltd.		53,738
	83,820	Lanco Infratech Ltd.(b)		84,069
	16,381	LIC Housing Finance		272,831
	2,490	Lupin Ltd.		76,181
	17,000	Madras Cements Ltd.		39,386
	25,733	Mahanagar Telephone Nigam		41,981

23

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	8,700	Maharashtra Seamless Ltd.	$	64,547
	38,054	Mahindra & Mahindra Ltd.		834,287
	58,496	Mangalore Refinery & Petrochemicals Ltd.		97,747
	25,011	Marico Ltd.		53,164
	7,276	Mastek Ltd.		60,262
	31,053	MAX India Ltd.(b)		139,975
	46,895	Mercator Lines Ltd.		59,971
	6,404	Monnet Ispat & Energy Ltd.		52,581
	23,228	Moser Baer India Ltd.		39,359
	2,501	Motherson Sumi Systems Ltd.		7,697
	9,758	Mphasis Ltd.(b)		143,411
	48,344	Nagarjuna Construction Co.		165,382
	82,330	Nagarjuna Fertilizers & Chemicals(b)		60,044
	16,197	NIIT Technologies Ltd.		59,462
	11,104	Nirma Ltd.		46,490
	3,602	OnMobile Global Ltd.(b)		31,413
	16,334	Opto Circuits India Ltd.		75,096
	4,497	Oracle Financial Sevices Software Ltd.(b)		209,110
	20,009	Orchid Chemicals & Pharmaceuticals Ltd.		68,688
	22,955	Oriental Bank of Commerce		131,526
	8,300	Panacea Biotec Ltd.(b)		38,890
	15,250	Parsvnath Developers Ltd.(b)		42,341
	14,953	Patni Computer Systems Ltd.		149,331
	104,278	Petronet LNG Ltd.		176,359
	8,500	Pidilite Industries Ltd.		35,788
	5,500	Piramal Healthcare Ltd.		43,672
	13,994	Polaris Software Lab Ltd.		48,051
	54,911	PTC India Ltd.		129,949
	30,493	Punj Lloyd Ltd.		123,350
	19,421	Ranbaxy Laboratories Ltd.(b)		191,017
	8,839	Redington India Ltd.		57,597
	18,967	Reliance Capital Ltd.		330,052
	11,165	Reliance Infrastructure Ltd.		249,469
	71,622	Reliance Natural Resources Ltd. - L Shares(b)		99,062
	16,026	Rolta India Ltd.		70,563
	23,282	Ruchi Soya Industries Ltd.		43,671
	40,441	S Kumars Nationwide Ltd.(b)		38,518
	53,587	Sesa Goa Ltd.		399,779
	18,196	Shree Renuka Sugars Ltd.		80,042
	9,905	Shriram Transport Finance Co. Ltd.		105,054
	8,559	Siemens India Ltd.		111,840
	32,601	South Indian Bank Ltd.		96,771
	30,406	Spice Communications Ltd.(b)		36,373
	24,300	SREI Infrastructure Finance Ltd.		35,848
	2,105	State Bank of Bikaner & Jaip		21,204
	11,914	Sterling Biotech Ltd.		24,190
	8,719	Sun TV Network Ltd.		72,784
	113,176	Suzlon Energy Ltd.(b)		187,426
	30,834	Syndicate Bank		57,004
	17,346	Tanla Solutions Ltd.		19,343
Shares			Value
INDIA (continued)
	13,597	Tata Chemicals Ltd.	$	86,940
	8,680	Tata Communications Ltd.		59,610
	70,787	Tata Motors Ltd.		1,058,328
	9,964	Tata Tea Ltd.		197,348
	57,980	Tata Teleservices Maharashtra Ltd.(b)		31,488
	6,496	Tech Mahindra Ltd.(b)		136,393
	1,865	Titan Industries Ltd.		60,077
	18,322	Torrent Power Ltd.		114,810
	29,890	Triveni Engineering & Industries Ltd.		78,500
	5,440	Unichem Laboratories Ltd.		39,419
	31,625	Union Bank of India		173,904
	37,518	Unitech Ltd.		60,115
	2,018	United Breweries Holdings Ltd.(b)		11,232
	38,099	United Phosphorus Ltd.		126,711
	5,979	United Spirits Ltd.		159,342
	26,209	Usha Martin Ltd.		45,715
	18,900	Videocon Industries Ltd.		91,878
	7,828	Welspun-Gujarat Stahl Ltd.		44,201
	15,809	Wockhardt Ltd.(b)		58,456
	25,054	Yes Bank Ltd.(b)		134,742
	56,905	Zee Entertainment Enterprises Ltd.		321,175
				21,943,054
INDONESIA — 0.2%
	770,000	Aneka Tambang Tbk PT		173,043
	19,500	Astra Agro Lestari Tbk PT		49,305
	5,838,000	Bakrieland Development Tbk PT(b)		160,176
	444,039	Bank Danamon Indonesia Tbk PT		228,176
	435,500	Bank Negara Indonesia Persero Tbk PT		89,137
	3,011,250	Bank Pan Indonesia Tbk PT(b)		255,267
	1,142,666	Berlian Laju Tanker Tbk PT		83,427
	468,300	Bhakti Investama Tbk PT(b)		11,929
	200,500	Bisi International PT(b)		32,767
	3,000,000	Bumi Resources Tbk PT		783,459
	4,958,000	Central Proteinaprima Tbk PT(b)(d)		26,228
	283,500	Charoen Pokphand Indonesia Tbk PT(b)		66,632
	1,023,500	Ciputra Development Tbk PT(b)		73,877
	479,000	Ciputra Surya Tbk PT(b)		26,801
	363,000	Citra Marga Nusaphala Persada Tbk PT(b)		32,915
	864,000	Energi Mega Persada Tbk PT(b)		15,889
	46,000	First Resources Ltd.		35,053
	947,000	Gajah Tunggal Tbk PT(b)		46,214
	1,307,500	Global Mediacom Tbk PT		34,567
	242,000	Gudang Garam Tbk PT		616,947
	1,339,000	Holcim Indonesia Tbk PT(b)		231,140

24

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
INDONESIA (continued)
	423,000	Indah Kiat Pulp and Paper Corp. Tbk PT(b)	$	97,705
	28,500	Indo Tambangraya Megah PT		95,089
	140,000	Indocement Tunggal Prakarsa Tbk PT		200,436
	1,221,000	Indofood Sukses Makmur Tbk PT		466,430
	89,000	Indosat Tbk PT		53,098
	365,000	Jasa Marga Tbk PT		69,804
	2,159,500	Kalbe Farma Tbk PT		353,426
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		105,222
	2,167,500	Lippo Karawaci Tbk PT(b)		122,546
	1,284,300	Matahari Putra Prima Tbk PT(b)		168,117
	382,500	Medco Energi Internasional Tbk PT		97,315
	2,072,500	Panin Life Tbk PT(b)		33,379
	168,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		150,791
	1,254,500	Ramayana Lestari Sentosa Tbk PT		116,560
	125,500	Sinar Mas Agro Resources & Technology Tbk PT		40,597
	896,000	Summarecon Agung Tbk PT		66,383
	285,000	Timah Tbk PT		67,147
	2,310,500	Truba Alam Manunggal Engineering PT(b)		30,169
	95,000	United Tractors Tbk PT		169,380
				5,576,543
IRELAND — 0.2%
	122,408	AER Lingus(b)		111,659
	125,703	Bank of Ireland(b)		228,050
	139,902	C&C Group Plc		563,757
	19,916	DCC Plc		538,783
	86,470	Elan Corp. Plc(b)		648,159
	72,107	Experian Plc		685,604
	11,606	FBD Holdings Plc(e)		97,379
	52,546	Glanbia Plc		192,896
	66,702	Grafton Group Plc(b)		248,022
	79,462	Greencore Group Plc(e)		148,330
	90,866	Independent News & Media Plc		12,826
	16,355	Independent News & Media Plc(b)		2,303
	6,355	Irish Continental Group Plc(b)		125,313
	85,664	Irish Life & Permanent Group Holdings Plc(b)		364,754
	126,231	Kenmare Resources Plc(b)		47,185
	21,920	Kerry Group Plc - Class A		650,517
	6,121	Kingspan Group Plc(e)		49,710
	48,177	Kingspan Group Plc(b)(e)		393,057
	9,316	Paddy Power Plc		308,155
	79,143	Smurfit Kappa Group Plc(b)		721,878
	79,957	United Drug Plc		243,646
				6,381,983
Shares			Value
ISRAEL — 1.9%
	21,134	Alvarion Ltd.(b)	$	83,973
	11,336	AudioCodes Ltd.(b)		35,712
	6,387	Azorim-Investment Development & Construction Co. Ltd.(b)		34,437
	6,797	Blue Square-Israel Ltd.(b)		69,962
	2,918	Cellcom Israel Ltd.		92,956
	1,858,000	Check Point Software Technologies(b)		59,418,840
	26,704	Clal Industries & Investments		172,589
	4,570	Clal Insurance(b)		106,693
	13,567	Delek Automotive Systems Ltd.		168,167
	10,104	Direct Insurance Financial Investments Ltd.(b)		19,088
	5,168	Elbit Imaging Ltd.(b)		115,246
	1,379	Elbit Systems Ltd.		85,556
	686	Electra (Israel) Ltd.		70,052
	1	Electra Real Estate Ltd.(b)		6
	4,847	Elron Electronic Industries Ltd.(b)		38,372
	10,720	First International Bank of Israel Ltd. - Class 5(b)		183,204
	23,426	First International Bank of Israel Ltd. - Class 1(b)		78,997
	1,541	FMS Enterprises Migun Ltd.		61,595
	14,655	Frutarom Industries Ltd.		135,783
	895	Hadera Paper Ltd.(b)		64,319
	2,297	Harel Insurance Investments & Finances Ltd.(b)		118,753
	9,063	Hot Telecommunication System(b)		111,571
	93,376	Israel Discount Bank Ltd. - Class A(b)		210,036
	5,109	Israel Petrochemical Enterprises Ltd.(b)		15,331
	5,206	Ituran Location & Control Ltd.		68,539
	12,075	Makhteshim-Agan Industries Ltd.		60,390
	3,796	Menorah Mivtachim Holdings Ltd.(b)		47,501
	76,254	Migdal Insurance & Financial Holding Ltd.(b)		147,668
	1,673	Mivtach Shamir Holdings Ltd.(b)		46,494
	46,233	Mizrahi Tefahot Bank Ltd.(b)		413,166
	8,883	Nice Systems Ltd.(b)		258,910
	259,876	Oil Refineries Ltd.(b)		133,379
	15,238	Ormat Industries Ltd.		127,510
	6,842	Osem Investments Ltd.		94,488
	5,694	Partner Communications Co.		117,596
	777	Paz Oil Co. Ltd.(b)		110,062
	7,775	RADVision Ltd.(b)		46,503
	7,800	Retalix Ltd.(b)		104,198
	6,910	Scailex Corp. Ltd.		134,607
	51,102	Shikun & Binui Ltd.		99,582
	30,677	Shufersal Ltd.		174,451
	3,627	Strauss Group Ltd.		51,391

25

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
ISRAEL (continued)
	1,094	Syneron Medical Ltd.(b)	$	2,908
	10,371	Union Bank of Israel(b)		54,234
				63,784,815
ITALY — 0.6%
	191,860	A2A SpA		363,938
	16,457	ACEA SpA		176,141
	4,493	AcegasAps SpA		24,836
	13,082	Actelios SpA		65,997
	18,355	Aedes SpA(b)		5,274
	10,582	Alerion Cleanpower SpA(b)		8,762
	20,522	Amplifon SpA(b)		95,300
	11,153	Ansaldo STS SpA		216,167
	31,282	Arnoldo Mondadori Editore SpA(b)		120,883
	5,010	Ascopiave SpA		10,466
	11,747	Astaldi SpA		90,383
	18,427	Autogrill SpA(b)		223,901
	23,598	Azimut Holding SpA		290,044
	166,668	Banca Carige SpA		427,684
	47,864	Banca Finnat Euramerica SpA		40,308
	4,279	Banca Generali SpA		45,803
	863	Banca IFIS SpA		7,978
	15,051	Banca Intermobiliare SpA(b)		68,306
	30,723	Banca Popolare dell’Etruria e del Lazio		166,853
	191,268	Banca Popolare di Milano		1,241,718
	12,227	Banca Popolare di Sondrio Scarl		119,649
	35,390	Banca Profilo SpA(b)		29,151
	17,763	Banco di Desio e della Brianza SpA		98,266
	280,896	Banco Popolare Scarl(b)		1,776,826
	25,567	Benetton Group SpA		220,557
	2,727	Biesse SpA(b)		22,503
	868	Bonifica Ferraresi e Imprese Agricole SpA		38,381
	6,562	Brembo SpA		43,663
	71,863	Brioschi Sviluppo Immobiliare(b)		20,083
	35,130	Bulgari SpA		287,362
	28,348	Buzzi Unicem SpA		421,016
	11,191	Caltagirone Editore SpA		29,126
	7,938	Carraro SpA(b)		25,233
	22,058	Cementir Holding SpA		94,825
	169,030	CIR-Compagnie Industriali Riunite SpA(b)		393,672
	24,597	Credito Artigiano SpA		64,384
	3,443	Credito Bergamasco SpA		111,567
	28,712	Credito Emiliano SpA(b)		202,295
	4,901	Danieli & Co. SpA		119,476
	37,592	Davide Campari-Milano SpA		376,217
	11,715	De’Longhi SpA		49,002
	2,171	DiaSorin SpA		77,255
	1,000	Digital Multimedia Technologies SpA(b)		20,528
	2,889	Elica SpA		6,850
Shares			Value
ITALY (continued)
	8,177	ERG Renew SpA(b)	$	10,943
	20,638	ERG SpA		278,355
	4,260	Esprinet SpA		52,655
	11,128	Eurotech SpA(b)		41,905
	3,761	Fastweb(b)		94,099
	2,543	Fiera Milano SpA		15,043
	562	Finmeccanica SpA		7,789
	33,214	Fondiaria-Sai SpA		537,953
	200,917	Gemina SpA(b)		167,343
	14,079	Geox SpA		90,722
	12,205	Gewiss SpA		45,030
	2,618	GranitiFiandre SpA		13,388
	34,089	Gruppo Editoriale L’Espresso SpA(b)		97,361
	98,759	Hera SpA		229,138
	26,489	Immobiliare Grande Distribuzione		53,511
	81,013	IMMSI SpA(b)		92,713
	52,361	Impregilo SpA		169,750
	14,341	Indesit Co. SpA(b)		176,389
	3,035	Industria Macchine Automatiche SpA		55,620
	43,925	Intek SpA		19,600
	16,467	Interpump Group SpA(b)		84,985
	67,845	Iride SpA		127,324
	30,464	Italcementi SpA		376,894
	3,312	Italmobiliare SpA(b)		142,183
	11,320	Juventus Football Club SpA(b)		13,790
	29,504	KME Group		19,716
	7,548	Landi Renzo SpA		40,011
	13,916	Lottomatica SpA		275,410
	292,300	Maire Tecnimont SpA		988,244
	1,779	Mariella Burani SpA(b)(c)(d)		6,222
	5,000	MARR SpA		43,833
	82,495	Mediaset SpA		626,205
	34,061	Mediolanum SpA		190,271
	98,505	Milano Assicurazioni SpA		269,662
	5,000	Panariagroup Industrie Ceramiche SpA		12,555
	635,716	Parmalat SpA		1,593,620
	46,095	Piaggio & C SpA		125,652
	67,759	Piccolo Credito Valtellinese Scarl		483,255
	50,420	Pirelli & C Real Estate SpA(b)		31,626
	1,268,201	Pirelli & C SpA(b)		736,126
	91,287	Premafin Finanziaria SpA(b)		132,941
	13,759	Prysmian SpA		249,714
	21,864	Recordati SpA		157,528
	165,875	Reno de Medici SpA(b)		53,202
	1,433	Sabaf SpA		31,325
	1,068	SAES Getters SpA(b)		8,613
	17,510	Safilo Group SpA(b)		13,498
	21,727	Saipem SpA		703,433
	56,916	Saras SpA		159,351
	3,815	SAVE SpA		33,725
	540,828	Seat Pagine Gialle SpA(b)		122,315

26

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
ITALY (continued)
	16,644	Snai SpA(b)	$	65,328
	13,783	Societa Cattolica di Assicurazioni SCRL(b)		424,884
	15,582	Societa Iniziative Autostradali e Servizi SpA		145,519
	41,186	Societa Partecipazioni Finanziarie SpA		6,664
	3,079	Socotherm SpA(b)(c)(d)		6,083
	10,367	Sogefi SpA(b)		28,208
	12,888	SOL SpA		67,654
	94,945	Sorin SpA(b)		160,350
	333,382	Telecom Italia Media SpA(b)		42,813
	151,858	Terna Rete Elettrica Nazionale SpA		612,510
	2,530	Tod’s SpA		166,407
	4,797	Trevi Finanziaria SpA		78,081
	201,218	Unipol Gruppo Finanziario SpA(b)		243,590
	8,234	Vianini Lavori SpA		51,079
	7,140	Vittoria Assicurazioni SpA		37,164
				20,577,499
JAPAN — 4.5%
	145,000	77 Bank Ltd. (The)		773,464
	126	Accordia Golf Co. Ltd.		127,473
	51,000	Achilles Corp.		72,699
	40,500	ADEKA Corp.		389,319
	14,600	Aderans Holdings Co. Ltd.		157,340
	9,500	Advan Co. Ltd.		60,616
	10	Advance Residence Investment Corp.		35,207
	1,500	Aeon Delight Co. Ltd.		19,851
	2,448	Aeon Fantasy Co. Ltd.		27,446
	800	Agrex, Inc.		6,553
	11,600	Ahresty Corp.(b)		79,098
	17,900	Ai Holdings Corp.		53,906
	15,900	Aica Kogyo Co. Ltd.		164,568
	3,600	Aichi Bank Ltd. (The)		260,055
	13,200	Aichi Corp.		50,694
	20,000	Aichi Machine Industry Co. Ltd.		82,498
	51,000	Aichi Steel Corp.		209,667
	29,000	Aida Engineering Ltd.		97,649
	6,100	Aigan Co. Ltd.(b)		33,689
	4,200	Aiphone Co. Ltd.		72,222
	17,000	Air Water, Inc.		194,514
	9,000	Airport Facilities Co. Ltd.		47,577
	5,300	Airtech Japan Ltd.		25,651
	11,900	Aisan Industry Co. Ltd.		106,538
	15,000	Akebono Brake Industry Co. Ltd.(b)		82,019
	77,000	Akita Bank Ltd. (The)		307,918
	6,900	Alfresa Holdings Corp.		285,143
	91,400	Allied Telesis Holdings KK(b)		68,441
	7,300	Aloka Co. Ltd.		52,745
	4,800	Alpen Co. Ltd.		70,203
	1,900	Alpha Systems, Inc.		35,255
Shares			Value
JAPAN (continued)
	19,700	Alpine Electronics, Inc.(b)	$	227,554
	83,300	Alps Electric Co. Ltd.(b)		476,958
	3,000	Alps Logistics Co. Ltd.		27,867
	121,000	Amada Co. Ltd.		808,252
	15,700	Amano Corp.		133,588
	3,000	Amuse, Inc.		31,194
	42,000	Ando Corp.		49,167
	17,000	Anest Iwata Corp.		55,323
	24,000	Anritsu Corp.(b)		93,557
	17,200	AOC Holdings, Inc.		105,705
	2,100	AOI Electronic Co. Ltd.		39,251
	10,500	AOKI Holdings, Inc.		107,078
	49,000	Aomori Bank Ltd. (The)		115,169
	27,600	Aoyama Trading Co. Ltd.		382,817
	300,000	Aozora Bank Ltd.(b)		378,821
	7,200	Arakawa Chemical Industries Ltd.		82,337
	20,000	Araya Industrial Co. Ltd.		26,661
	4,700	Arc Land Sakamoto Co. Ltd.		49,815
	9,500	Arcs Co. Ltd.		129,038
	3,600	Argo Graphics, Inc.		38,134
	4,700	Ariake Japan Co. Ltd.		69,928
	16,900	Arisawa Manufacturing Co. Ltd.		108,879
	6,200	Arnest One Corp.		65,126
	2,000	Art Corp.		30,399
	3,190	As One Corp.		57,102
	600	Asahi Co. Ltd.		9,404
	20,000	Asahi Diamond Industrial Co. Ltd.		137,743
	4,350	Asahi Holdings, Inc.		65,855
	10,000	Asahi Kogyosha Co. Ltd.		40,212
	35,000	Asahi Organic Chemicals Industry Co. Ltd.		82,624
	1,085,000	Asahi TEC Corp.(b)		249,699
	6,900	Asatsu-DK, Inc.		140,802
	16	Asax Co. Ltd.		13,928
	6,000	Ashimori Industry Co. Ltd.		7,952
	22,000	Asics Corp.		217,274
	10,000	ASKA Pharmaceutical Co. Ltd.		67,850
	12,000	Asunaro Aoki Construction Co. Ltd.		65,133
	12,900	Atom Corp.(b)		32,880
	58,000	Atsugi Co. Ltd.		72,422
	10,900	Autobacs Seven Co. Ltd.		328,923
	4,700	Avex Group Holdings, Inc.		39,025
	68,000	Awa Bank Ltd. (The)		372,701
	40,000	Bando Chemical Industries Ltd.		118,985
	6,300	Bank of Iwate Ltd. (The)		353,036
	70,000	Bank of Nagoya Ltd. (The)		272,021
	8,000	Bank of Okinawa Ltd. (The)		298,842
	54,000	Bank of Saga Ltd. (The)		153,021
	18,600	Bank of the Ryukyus Ltd.		207,694
	6,600	Belc Co. Ltd.		60,353
	13,150	Belluna Co. Ltd.		52,633
	35,000	Best Denki Co. Ltd.		93,287
	156	Bic Camera, Inc.		54,346

27

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	2	BLife Investment Corp. REIT	$	9,864
	4,000	Bookoff Corp.		39,294
	34,400	Brother Industries Ltd.		371,186
	18,000	Bunka Shutter Co. Ltd.		57,734
	7,500	CAC Corp.		51,998
	56,000	Calsonic Kansei Corp.(b)		151,978
	4,500	Canon Electronics, Inc.		96,478
	9,800	Canon Finetech, Inc.		132,983
	22,700	Canon Marketing Japan, Inc.		313,949
	6,400	Capcom Co. Ltd.		106,001
	34,400	Casio Computer Co. Ltd.		251,662
	11,400	Catena Corp.		25,082
	7,900	Cawachi Ltd.		154,853
	36,050	Cedyna Financial Corp.(b)		69,255
	67,000	Central Glass Co. Ltd.		275,518
	500	Central Security Patrols Co. Ltd.		4,912
	800	Central Sports Co. Ltd.		7,544
	19,550	Century Tokyo Leasing Corp.		231,802
	8,500	Chiba Kogyo Bank Ltd. (The)(b)		61,231
	9,000	Chino Corp.		20,828
	7,500	Chiyoda Co. Ltd.		97,777
	23,000	Chiyoda Corp.		209,517
	4,800	Chiyoda Integre Co. Ltd.		51,476
	6,800	Chofu Seisakusho Co. Ltd.		158,540
	57,000	Chori Co. Ltd.		62,457
	9,000	Chubu Shiryo Co. Ltd.		82,956
	13,300	Chudenko Corp.		165,228
	36,000	Chuetsu Pulp & Paper Co. Ltd.		60,410
	153,000	Chugai Mining Co. Ltd.(b)		66,704
	17,000	Chugai Ro Co. Ltd.		45,984
	8,000	Chugoku Marine Paints Ltd.		53,411
	46,000	Chukyo Bank Ltd. (The)		134,634
	8,000	Chuo Denki Kogyo Co. Ltd.		57,694
	9,000	Chuo Spring Co. Ltd.		27,045
	14,000	Circle K Sunkus Co. Ltd.		181,052
	83,800	Citizen Holdings Co. Ltd.		549,777
	28,300	CKD Corp.		191,585
	48,000	Clarion Co. Ltd.(b)		64,618
	11,600	Cleanup Corp.		90,456
	16,100	CMK Corp.(b)		123,333
	9,100	Coca-Cola Central Japan Co. Ltd.		113,041
	18,200	Coca-Cola West Holdings Co.		303,623
	2,090	Cocokara Fine Holdings, Inc.		36,334
	9,000	Colowide Co. Ltd.		59,880
	12,000	Commuture Corp.		69,923
	7,200	Computer Engineering & Consulting Ltd.		36,788
	35,800	COMSYS Holdings Corp.		355,292
	7,400	Corona Corp.		100,108
	6,600	Cosel Co. Ltd.		86,338
	246,000	Cosmo Oil Co. Ltd.		534,091
	700	Cosmos Pharmaceutical Corp.		15,434
	2,700	Create Medic Co. Ltd.		25,734
	68,000	Credit Saison Co. Ltd.		847,104
Shares			Value
JAPAN (continued)
	21,558	CSK Holdings Corp.(b)	$	97,867
	5,500	CTI Engineering Co. Ltd.		27,255
	10,000	Culture Convenience Club Co. Ltd.		47,942
	23,000	Dai Nippon Toryo Co. Ltd.(b)		22,940
	105,000	Daicel Chemical Industries Ltd.		632,100
	9,000	Dai-Dan Co. Ltd.		47,547
	16,000	Daido Kogyo Co. Ltd.		24,847
	16,000	Daido Metal Co. Ltd.		38,624
	95,000	Daido Steel Co. Ltd.		346,359
	12,300	Daidoh Ltd.		89,772
	29,100	Daiei, Inc. (The)(b)		100,206
	21,500	Daifuku Co. Ltd.		134,714
	18,000	Daihen Corp.		72,764
	9,000	Daiichi Chuo KK(b)		22,756
	23,000	Daiichi Jitsugyo Co. Ltd.		57,221
	11,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		28,190
	23,000	Daiken Corp.		57,170
	14,000	Daiki Aluminium Industry Co. Ltd.(b)		29,572
	4,400	Daiko Clearing Services Corp.		18,238
	2,500	Daikoku Denki Co. Ltd.		46,747
	300	Daikokutenbussan Co. Ltd.		9,065
	66,000	Daikyo, Inc.(b)		136,421
	9,300	Daimei Telecom Engineering Corp.		69,227
	1,200	Dainichi Co. Ltd.		8,087
	34,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		123,765
	85,000	Dainippon Screen Manufacturing Co. Ltd.(b)		414,571
	20,000	Daio Paper Corp.		162,105
	33,000	Daisan Bank Ltd. (The)(b)		87,620
	4,910	Daiseki Co. Ltd.		103,054
	135,000	Daishi Bank Ltd. (The)		452,459
	25,000	Daiso Co. Ltd.		61,116
	2,600	Daisyo Corp.		35,464
	36,000	Daito Bank Ltd. (The)		26,240
	19,000	Daiwa Industries Ltd.		85,880
	23,000	Daiwa Seiko, Inc.		25,584
	15,000	Daiwabo Co. Ltd.		30,884
	200	DC Co. Ltd.		457
	32,760	DCM Japan Holdings Co. Ltd.		196,523
	36	Dena Co. Ltd.		208,326
	176,000	Denki Kagaku Kogyo KK		715,322
	17,000	Denki Kogyo Co. Ltd.		78,692
	10,000	Denyo Co. Ltd.		80,594
	18,000	Descente Ltd.		93,781
	141,000	DIC Corp.		250,782
	3,200	Disco Corp.		177,401
	5,800	Don Quijote Co. Ltd.		129,545
	5,350	Doshisha Co. Ltd.		114,676
	8,474	Doutor Nichires Holdings Co. Ltd.		106,982

28

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	69,000	Dowa Holdings Co. Ltd.	$	384,140
	12	Dr Ci Labo Co. Ltd.		24,123
	9,600	DTS Corp.		92,458
	15,300	Duskin Co. Ltd.		271,497
	17	Dwango Co. Ltd.		29,423
	4,000	Dydo Drinco, Inc.		132,732
	400	eAccess Ltd.		282,879
	8,000	Eagle Industry Co. Ltd.		41,042
	1,100	Earth Chemical Co. Ltd.		32,276
	130,000	Ebara Corp.(b)		545,149
	1,400	Echo Trading Co. Ltd.		14,287
	35,700	EDION Corp.		371,275
	57,000	Ehime Bank Ltd. (The)		160,721
	81,000	Eighteenth Bank Ltd. (The)		227,783
	8,400	Eiken Chemical Co. Ltd.		77,064
	6,000	Eizo Nanao Corp.		149,008
	39,000	Elpida Memory, Inc.(b)		688,445
	7,400	Enplas Corp.		128,637
	1	EPS Co. Ltd.		3,750
	8,300	ESPEC Corp.		46,167
	11,700	Exedy Corp.		258,002
	14,000	Ezaki Glico Co. Ltd.		153,485
	4,400	F&A Aqua Holdings, Inc.		48,107
	212	Faith, Inc.		22,719
	11,900	Fancl Corp.		238,016
	2,600	FCC Co. Ltd.		51,364
	22,000	FDK Corp.(b)		31,255
	3,000	Felissimo Corp.		41,199
	17,000	FIDEA Holdings Co. Ltd.(b)		28,627
	8,600	Foster Electric Co. Ltd.		263,845
	2,900	FP Corp.		139,774
	60,000	France Bed Holdings Co. Ltd.		84,633
	4,000	F-Tech, Inc.(b)		52,902
	51,100	Fudo Tetra Corp.(b)		31,084
	5,300	Fuji Co. Ltd.		102,029
	182,000	Fuji Electric Holdings Co. Ltd.(b)		360,899
	4,700	Fuji Electronics Co. Ltd.		45,304
	62,000	Fuji Fire & Marine Insurance Co. Ltd. (The)(b)		68,261
	50,000	Fuji Heavy Industries Ltd.(b)		234,895
	19,000	Fuji Kyuko Co. Ltd.		96,353
	14,900	Fuji Oil Co. Ltd.		212,979
	5,700	FUJI SOFT, Inc.		91,321
	36,000	Fujibo Holdings, Inc.		62,150
	4,600	Fujicco Co. Ltd.		54,926
	15,700	Fujikura Kasei Co. Ltd.		77,679
	111,000	Fujikura Ltd.		594,939
	800	Fujikura Rubber Ltd.		2,746
	1,000	Fujimori Kogyo Co. Ltd.		13,890
	13,000	Fujita Kanko, Inc.		50,486
	30,000	Fujitec Co. Ltd.		164,971
	3,700	Fujitsu Frontech Ltd.		28,408
	18,000	Fujitsu General Ltd.		65,849
	23,000	Fujiya Co. Ltd.(b)		46,587
	400	Fukoku Co. Ltd.		3,061
Shares			Value
JAPAN (continued)
	26,000	Fukuda Corp.	$	45,096
	49,000	Fukui Bank Ltd. (The)		158,267
	78,000	Fukushima Bank Ltd. (The)(b)		43,965
	500	Fukushima Industries Corp.		4,556
	69,000	Fukuyama Transporting Co. Ltd.		326,373
	7,800	Funai Consulting Co. Ltd.		43,027
	7,900	Funai Electric Co. Ltd.		392,040
	3,000	Furukawa Battery Co. Ltd.		22,813
	103,000	Furukawa Co. Ltd.		114,936
	21,000	Furukawa-Sky Aluminum Corp.		36,322
	5,300	Furusato Industries Ltd.		29,531
	18,000	Fuso Pharmaceutical Industries Ltd.		60,567
	16,200	Futaba Corp.		279,075
	14,900	Futaba Industrial Co. Ltd.(b)		134,794
	7,900	Fuyo General Lease Co. Ltd.		178,493
	900	G-7 Holdings, Inc.		4,967
	35,000	Gakken Co. Ltd.		87,347
	6,900	Gecoss Corp.		28,592
	60	Geo Corp.		62,625
	13,100	Glory Ltd.		287,863
	6,600	GMO internet, Inc.		26,486
	60,000	Godo Steel Ltd.		124,932
	3,730	Goldcrest Co. Ltd.		103,806
	33,000	Goldwin, Inc.(b)		71,817
	101	Green Hospital Supply, Inc.		56,938
	36,000	GSI Creos Corp.(b)		38,995
	610	Gulliver International Co. Ltd.		35,297
	22,000	Gun-Ei Chemical Industry Co. Ltd.		51,013
	101,000	Gunma Bank Ltd. (The)		520,716
	80,000	Gunze Ltd.		288,662
	2,900	H.I.S. Co. Ltd.		56,029
	46,000	H2O Retailing Corp.		276,488
	5,800	Hakudo Co. Ltd.		37,384
	6,760	Hakuhodo Dy Holdings, Inc.		329,667
	7,200	Hakuto Co. Ltd.		62,443
	8,700	Hamamatsu Photonics KK		207,510
	92,000	Hanwa Co. Ltd.		338,121
	2,000	Happinet Corp.		24,342
	2,500	Harashin Narus Holdings Co. Ltd.		28,090
	7,800	Hard Off Corp. Co. Ltd.		37,656
	114,500	Haseko Corp.(b)		96,397
	30,000	Hazama Corp.		27,194
	9,000	Heiwa Corp.		96,881
	71,000	Heiwa Real Estate Co. Ltd.		217,124
	14,800	Heiwado Co. Ltd.		192,583
	10,000	Hibiya Engineering Ltd.		88,623
	3,500	Hiday Hidaka Corp.		39,248
	59,000	Higashi-Nippon Bank Ltd. (The)		112,472
	84,000	Higo Bank Ltd. (The)		457,117
	3,700	Hikari Tsushin, Inc.		63,647
	108,000	Hino Motors Ltd.(b)		405,175

29

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	87,000	Hiroshima Bank Ltd. (The)	$	344,039
	4,000	Hisaka Works Ltd.		38,093
	400	Hitachi Business Solution Co. Ltd.		2,792
	75,000	Hitachi Cable Ltd.		221,573
	12,100	Hitachi High-Technologies Corp.		242,096
	11,500	Hitachi Koki Co. Ltd.		122,559
	24,000	Hitachi Kokusai Electric, Inc.		217,995
	8,000	Hitachi Medical Corp.		67,714
	4,500	Hitachi Tool Engineering Ltd.		44,967
	13,000	Hitachi Transport System Ltd.		172,037
	94,500	Hitachi Zosen Corp.(b)		136,899
	9,000	Hochiki Corp.		50,551
	20,000	Hodogaya Chemical Co. Ltd.		66,869
	1,800	Hogy Medical Co. Ltd.		87,606
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		29,947
	10,000	Hokkaido Gas Co. Ltd.		26,711
	12,000	Hokkan Holdings Ltd.		28,829
	1,000	Hokko Chemical Industry Co. Ltd.		2,979
	125,000	Hokkoku Bank Ltd. (The)		447,652
	69,000	Hokuetsu Bank Ltd. (The)		111,128
	45,365	Hokuetsu Paper Mills Ltd.		226,636
	12,000	Hokuriku Electric Industry Co. Ltd.		20,195
	4,400	Hokuto Corp.		92,496
	5,530	Honeys Co. Ltd.		35,177
	6,400	Horiba Ltd.		154,104
	3,200	Horipro, Inc.		24,516
	15,700	Hosiden Corp.		186,190
	14,000	Hosokawa Micron Corp.		48,057
	15,800	House Foods Corp.		232,239
	41,000	Howa Machinery Ltd.(b)		22,204
	200	Hutech Norin Co. Ltd.		1,541
	98,000	Hyakugo Bank Ltd. (The)		448,364
	93,000	Hyakujushi Bank Ltd. (The)		348,712
	6,200	IBJ Leasing Co. Ltd.		111,195
	1,700	Ichibanya Co. Ltd.		40,288
	8,000	Ichikoh Industries Ltd.(b)		13,506
	1,500	ICHINEN Holdings Co. Ltd.		5,922
	10,000	Ichiyoshi Securities Co. Ltd.		63,004
	3,800	Icom, Inc.		90,450
	5,000	Idec Corp.		33,775
	4,700	Idemitsu Kosan Co. Ltd.		300,579
	20,000	Ihara Chemical Industry Co. Ltd.		55,354
	344,000	IHI Corp.(b)		529,307
	3,300	Iida Home Max		57,084
	17,900	Iino Kaiun Kaisha Ltd.		88,094
	6,600	Imasen Electric Industrial		86,143
	12,900	Impress Holdings, Inc.(b)		29,145
	6,100	Inaba Denki Sangyo Co. Ltd.		143,534
	4,400	Inaba Seisakusho Co. Ltd.		42,805
	26,500	Inabata & Co. Ltd.		106,326
Shares			Value
JAPAN (continued)
	8,000	Inageya Co. Ltd.	$	83,299
	14,100	Ines Corp.		107,276
	600	I-Net Corp.		3,234
	3,000	Information Services International-Dentsu Ltd.		17,233
	2,400	Innotech Corp.		12,159
	4,000	Inui Steamship Co. Ltd.		29,047
	1,451	Invoice, Inc.(b)		21,801
	4,000	Ise Chemical Corp.		20,856
	41,000	Iseki & Co. Ltd.(b)		118,634
	104,000	Ishihara Sangyo Kaisha Ltd.(b)		79,239
	2,000	Ishii Hyoki Co. Ltd.		25,645
	10,000	Ishii Iron Works Co. Ltd.		16,822
	17,000	Ishizuka Glass Co. Ltd.		36,329
	233,000	Isuzu Motors Ltd.(b)		495,772
	11,610	IT Holdings Corp.		130,381
	8,100	Ito En Ltd.		120,446
	20,900	Itochu Enex Co. Ltd.		88,287
	5,500	Itochu Techno-Science Corp.		166,761
	2,300	Itochu-Shokuhin Co. Ltd.		77,196
	64,000	Itoham Foods, Inc.		232,602
	15,300	Itoki Corp.		30,017
	5,100	Iwai Securities Co. Ltd.		32,457
	17,000	Iwaki & Co. Ltd.		43,356
	35,000	Iwasaki Electric Co. Ltd.(b)		60,039
	40,000	IWATANI Corp.		110,086
	27,000	Iwatsu Electric Co. Ltd.(b)		21,692
	8,700	Izumi Co. Ltd.		105,734
	35,000	Izumiya Co. Ltd.		150,631
	46,000	Izutsuya Co. Ltd.(b)		18,120
	179,000	J. Front Retailing Co. Ltd.		852,465
	2,200	Jalux, Inc.		16,786
	4,000	Jamco Corp.		20,461
	91,000	Janome Sewing Machine Co. Ltd.(b)		53,178
	8,800	Japan Airport Terminal Co. Ltd.		119,966
	17,000	Japan Aviation Electronics Industry Ltd.		121,714
	6,000	Japan Carlit Co. Ltd.		26,070
	3,300	Japan Cash Machine Co. Ltd.		27,774
	9,200	Japan Digital Laboratory Co. Ltd.		107,655
	600	Japan Foundation Engineering Co. Ltd.		1,279
	12,600	Japan Medical Dynamic Marketing, Inc.		34,342
	1,800	Japan Petroleum Exploration Co.		84,485
	41,000	Japan Pulp & Paper Co. Ltd.		138,218
	21,000	Japan Radio Co. Ltd.		40,274
	27,000	Japan Transcity Corp.		76,275
	8,000	Japan Vilene Co. Ltd.		36,534
	27,000	Japan Wool Textile Co. Ltd. (The)		198,092
	5,000	Jastec Co. Ltd.		27,936
	5,000	JBCC Holdings, Inc.		31,414

30

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	900	JBIS Holdings, Inc.	$	3,019
	15,000	Jeol Ltd.		54,907
	33,000	JFE Shoji Holdings, Inc.		115,671
	500	JK Holdings Co. Ltd.		1,992
	16,000	JMS Co. Ltd.		60,958
	14,000	Joban Kosan Co. Ltd.		22,325
	29,000	J-Oil Mills, Inc.		90,910
	18,000	Joshin Denki Co. Ltd.		150,243
	12,800	JSP Corp.		161,521
	35,900	JTEKT Corp.		405,506
	56,000	Juki Corp.(b)		57,803
	122,000	Juroku Bank Ltd. (The)		477,297
	231,800	JVC KENWOOD Holdings, Inc.(b)		104,817
	40	kabu.com Securities Co. Ltd.		38,671
	2,000	Kabuki-Za Co. Ltd.		80,620
	4,600	Kadokawa Group Holdings, Inc.		110,517
	10,800	Kaga Electronics Co. Ltd.		112,318
	30,000	Kagawa Bank Ltd. (The)		104,109
	10,700	Kagome Co. Ltd.		186,176
	70,000	Kagoshima Bank Ltd. (The)		498,015
	34	Kakaku.com, Inc.		124,828
	19,000	Kaken Pharmaceutical Co. Ltd.		160,682
	5,000	Kameda Seika Co. Ltd.		91,265
	7,000	Kamei Corp.		32,558
	80,000	Kamigumi Co. Ltd.		601,331
	6,000	Kanaden Corp.		30,323
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		78,870
	9,000	Kanamoto Co. Ltd.		40,095
	32,000	Kandenko Co. Ltd.		203,819
	95,000	Kaneka Corp.		612,705
	120,000	Kanematsu Corp.(b)		94,321
	4,700	Kanematsu Electronics Ltd.		42,884
	39,000	Kansai Paint Co. Ltd.		315,798
	14,600	Kanto Auto Works Ltd.		118,323
	10,000	Kanto Denka Kogyo Co. Ltd.		68,745
	15,000	Kanto Natural Gas Development Ltd.		78,884
	27,900	Kanto Tsukuba Bank Ltd. (The)(b)		81,046
	1,800	Kappa Create Co. Ltd.		36,306
	15,000	Kasumi Co. Ltd.		76,252
	9,000	Katakura Industries Co. Ltd.		78,946
	5,700	Kato Sangyo Co. Ltd.		98,960
	28,000	Kato Works Co. Ltd.		45,878
	2,300	Kawada Technologies, Inc.(b)		36,880
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		39,572
	8,000	Kawasaki Kinkai Kisen Kaisha		21,762
	29,000	Kawashima Selkon Textiles Co. Ltd.(b)		21,764
	1,000	Kawasumi Laboratories, Inc.		6,182
	72,000	Kayaba Industry Co. Ltd.(b)		234,439
	28,000	Keihan Electric Railway Co. Ltd.		113,880
Shares			Value
JAPAN (continued)
	12,000	Keihin Co. Ltd. (The)(b)	$	13,146
	15,000	Keihin Corp.		232,146
	39,000	Keisei Electric Railway Co. Ltd.		213,786
	88,000	Keiyo Bank Ltd. (The)		412,863
	7,900	Keiyo Co. Ltd.		35,016
	242	Kenedix, Inc.(b)		74,179
	2,000	Kentucky Fried Chicken Japan Ltd.		37,152
	2,900	KEY Coffee, Inc.		50,602
	28,700	Kikkoman Corp.		335,242
	2,800	Kimoto Co. Ltd.		28,016
	1,200	Kimura Chemical Plants Co. Ltd.		10,765
	43,000	Kinden Corp.		389,261
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		23,361
	4,000	Kinki Sharyo Co. Ltd.		28,505
	2,900	Kintetsu World Express, Inc.		74,321
	5,000	Kinugawa Rubber Industrial Co. Ltd.		15,076
	2,600	Kisoji Co. Ltd.		55,390
	7,000	Kissei Pharmaceutical Co. Ltd.		141,442
	41,000	Kitagawa Iron Works Co. Ltd.		41,109
	3,100	Kita-Nippon Bank Ltd. (The)		89,452
	33,000	Kitz Corp.		164,547
	289,000	Kiyo Holdings, Inc.		358,343
	16,000	Koa Corp.		164,524
	9,000	Koatsu Gas Kogyo Co. Ltd.		53,641
	4,100	Kobayashi Pharmaceutical Co. Ltd.		163,340
	13,200	Kohnan Shoji Co. Ltd.		148,172
	13,000	Koike Sanso Kogyo Co. Ltd.		37,910
	25,000	Koito Manufacturing Co. Ltd.		435,712
	11,500	Kojima Co. Ltd.		70,439
	38,100	Kokuyo Co. Ltd.		291,063
	5,000	Komai Tekko, Inc.		9,913
	8,000	Komatsu Seiren Co. Ltd.		31,503
	2,600	Komatsu Wall Industry Co. Ltd.		28,855
	4,200	Komeri Co. Ltd.		107,292
	28,400	Komori Corp.		320,075
	3,410	Konaka Co. Ltd.		12,051
	4,900	Konami Co. Ltd.		80,567
	3,900	Konishi Co.Ltd.		36,911
	5,100	Kose Corp.		103,025
	26,000	Krosaki Harima Corp.		48,662
	3,000	KRS Corp.		29,938
	8,440	K’s Holdings Corp.		268,077
	61,000	Kumagai Gumi Co. Ltd.(b)		39,044
	23,000	Kumiai Chemical Industry Co. Ltd.		69,421
	7	Kura Corp.		20,874
	87,000	Kurabo Industries Ltd.		135,144
	39,000	KUREHA Corp.		190,383
	57,000	Kurimoto Ltd.(b)		52,499
	13,000	Kuroda Electric Co. Ltd.		184,037
	39,000	Kyodo Printing Co. Ltd.		104,144

31

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	19,000	Kyodo Shiryo Co. Ltd.	$	24,170
	4,500	Kyoei Steel Ltd.		80,553
	16,000	Kyoei Tanker Co. Ltd.		35,941
	17,200	Kyokuto Kaihatsu Kogyo Co. Ltd.		59,044
	10,300	Kyokuto Securities Co. Ltd.		90,621
	18,000	Kyokuyo Co. Ltd.		37,067
	8,000	Kyorin Co. Ltd.		115,954
	2,400	Kyoritsu Maintenance Co. Ltd.		36,345
	22,000	Kyosan Electric Manufacturing Co. Ltd.		101,477
	16,000	Kyowa Exeo Corp.		140,771
	14,000	Kyudenko Corp.		84,292
	15,000	Laox Co. Ltd.(b)		14,267
	19	LaSalle Japan REIT, Inc.		25,042
	42,900	Leopalace21 Corp.(b)		157,166
	8,500	Life Corp.		143,620
	11,600	Lintec Corp.		221,958
	32,000	Lion Corp.		154,437
	4,300	Mabuchi Motor Co. Ltd.		235,113
	4,500	Macnica, Inc.		74,623
	63,000	Maeda Corp.		172,082
	26,000	Maeda Road Construction Co. Ltd.		192,669
	6,200	Maezawa Kasei Industries Co. Ltd.		58,858
	2,600	Maezawa Kyuso Industries Co. Ltd.		37,268
	54,000	Makino Milling Machine Co. Ltd.(b)		249,244
	3,300	Mandom Corp.		91,487
	2,900	Mars Engineering Corp.		69,929
	13,800	Marubun Corp.		79,490
	59,000	Marudai Food Co. Ltd.		180,555
	3,000	Maruei Department Store Co. Ltd.		3,819
	27,000	Maruetsu, Inc. (The)		114,880
	69,910	Maruha Nichiro Holdings, Inc.		97,103
	115,500	Marui Group Co. Ltd.		704,992
	7,100	Maruichi Steel Tube Ltd.		128,433
	20,700	Marusan Securities Co. Ltd.		116,365
	3,400	Maruwa Co. Ltd.		77,656
	24,000	Maruyama Manufacturing Co., Inc.(b)		41,755
	17,000	Maruzen Co. Ltd.(b)(c)(d)		11,851
	32,000	Maruzen Showa Unyu Co. Ltd.		102,475
	6,300	Maspro Denkoh Corp.		57,257
	2,200	Matsuda Sangyo Co. Ltd.		39,964
	16,600	Matsui Securities Co. Ltd.		113,164
	8,000	Matsuya Co. Ltd.(b)		67,818
	2,800	Matsuya Foods Co. Ltd.		41,650
	8,000	Max Co. Ltd.		76,913
	5,000	Maxvalu Tokai Co. Ltd.		61,459
	168,000	Mazda Motor Corp.(b)		455,741
	2,800	MEC Co. Ltd.		18,898
	3,500	Megachips Corp.		49,868
Shares			Value
JAPAN (continued)
	1,400	Megane Top Co. Ltd.	$	14,407
	6,600	Megmilk Snow Brand Co. Ltd.(b)		95,273
	41,000	Meidensha Corp.		181,829
	6,700	Meiko Network Japan Co. Ltd.		39,972
	4,900	Meitec Corp.		84,252
	5,000	Meito Sangyo Co. Ltd.		69,199
	200	Meito Transportation Co. Ltd.		1,703
	20,900	Meiwa Corp.(b)		42,238
	10,000	Meiwa Estate Co. Ltd.(b)		47,135
	3,000	Melco Holdings, Inc.		75,014
	31,000	Mercian Corp.		64,596
	51,000	Michinoku Bank Ltd. (The)		99,162
	13,600	Mikuni Coca-Cola Bottling Co. Ltd.		107,092
	1,680	Milbon Co. Ltd.		37,204
	5,500	Mimasu Semiconductor Industry Co. Ltd.		65,514
	75,000	Minato Bank Ltd. (The)(b)		91,271
	41,000	Minebea Co. Ltd.		217,688
	5,600	Ministop Co. Ltd.		66,008
	7,200	Miraca Holdings, Inc.		214,782
	4,000	Misawa Homes Co. Ltd.(b)		14,614
	9,000	MISUMI Group, Inc.		156,414
	13,000	Mito Securities Co. Ltd.(b)		29,092
	19,000	Mitsuba Corp.(b)		81,917
	33,000	Mitsubishi Cable Industries Ltd.(b)		26,854
	104,000	Mitsubishi Gas Chemical Co. Inc.		550,296
	16,000	Mitsubishi Kakoki Kaisha Ltd.		39,614
	38,000	Mitsubishi Logistics Corp.		416,437
	102,000	Mitsubishi Paper Mills Ltd.		120,533
	6,000	Mitsubishi Pencil Co. Ltd.		76,336
	156,000	Mitsubishi Rayon Co. Ltd.		645,339
	47,000	Mitsubishi Steel Manufacturing Co. Ltd.(b)		81,942
	23,000	Mitsuboshi Belting Co. Ltd.		93,494
	211,000	Mitsui Chemicals, Inc.		564,137
	102,000	Mitsui Engineering & Shipbuilding Co. Ltd.		246,349
	9,400	Mitsui High-Tec, Inc.(b)		75,169
	15,000	Mitsui Home Co. Ltd.		74,334
	510	Mitsui Knowledge Industry Co. Ltd.		89,153
	18,000	Mitsui Matsushima Co. Ltd.		29,528
	230,000	Mitsui Mining & Smelting Co. Ltd.(b)		605,925
	21,000	Mitsui Sugar Co. Ltd.		68,028
	25,000	Mitsui-Soko Co. Ltd.		89,126
	21,100	Mitsumi Electric Co. Ltd.		366,858
	6,000	Mitsumura Printing Co. Ltd.		20,264
	14,000	Mitsuuroko Co. Ltd.		98,072
	6,100	Miura Co. Ltd.		156,717
	5,100	Miyakoshi Corp.(b)		31,875
	37,000	Miyazaki Bank Ltd. (The)		114,342
	34,000	Miyoshi Oil & Fat Co. Ltd.		53,800

32

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	67,856	Mizuho Investors Securities Co. Ltd.(b)	$	68,075
	76,000	Mizuho Securities Co. Ltd.		223,913
	30,000	Mizuno Corp.		143,034
	14,000	Mochida Pharmaceutical Co. Ltd.		137,871
	4,700	Modec, Inc.		90,529
	167	Monex Group, Inc.		71,463
	30,100	Mori Seiki Co. Ltd.		305,208
	43,000	Morinaga & Co. Ltd.		93,688
	56,000	Morinaga Milk Industry Co. Ltd.		224,589
	8,000	Morita Holdings Corp.		35,291
	12,000	Mory Industries, Inc.		28,949
	8,000	MOS Food Services, Inc.		132,594
	4,200	Moshi Moshi Hotline, Inc.		74,680
	7,000	Mr Max Corp.		31,631
	2,200	Musashi Seimitsu Industry Co. Ltd.		48,496
	13,300	Musashino Bank Ltd. (The)		358,537
	26,000	Mutoh Holdings Co. Ltd.(b)		40,814
	6,400	Mutow Co. Ltd.		22,129
	11,000	Nabtesco Corp.		129,533
	57,000	Nachi-Fujikoshi Corp.		161,075
	500	Nagaileben Co. Ltd.		10,812
	30,000	Nagano Bank Ltd. (The)		60,105
	50,000	Nagase & Co. Ltd.		580,780
	7,000	Nagatanien Co. Ltd.		66,134
	18,000	Nagoya Railroad Co. Ltd.		53,013
	14,000	Nakabayashi Co. Ltd.		29,111
	9,000	Nakamuraya Co. Ltd.		46,650
	40,000	Nakayama Steel Works Ltd.		54,346
	32,500	Namco Bandai Holdings, Inc.		323,539
	51,000	Nankai Electric Railway Co. Ltd.		206,283
	53,000	Nanto Bank Ltd. (The)		289,925
	8,900	NEC Capital Solutions Ltd.		125,307
	17,600	NEC Electronics Corp.(b)		146,680
	3,900	NEC Fielding Ltd.		56,718
	4,200	NEC Mobiling Ltd.		109,649
	8,200	NEC Networks & System Integration Corp.		88,109
	43	NET One Systems Co. Ltd.		48,453
	13,600	Neturen Co. Ltd.		83,335
	5,000	New Japan Radio Co. Ltd.		10,368
	45,000	NGK Spark Plug Co. Ltd.		522,303
	61,000	NHK Spring Co. Ltd.		530,214
	41,000	Nice Holdings, Inc.(b)		88,807
	9,000	Nichia Steel Works Ltd.		23,867
	31,000	Nichias Corp.(b)		114,095
	17,000	Nichiban Co. Ltd.		55,045
	27,100	Nichicon Corp.		308,044
	1,600	Nichiden Corp.		38,285
	11,000	Nichiha Corp.(b)		81,270
	8,000	Nichii Gakkan Co.		74,044
	26,000	Nichimo Co. Ltd.		38,754
	69,000	Nichirei Corp.		258,316

Shares			Value
JAPAN (continued)
	9,000	Nichireki Co. Ltd.	$	33,124
	3,100	Nidec Copal Corp.		45,487
	9,000	Nidec Sankyo Corp.		78,693
	2,800	Nidec Tosok Corp.		38,958
	13,600	Nifco, Inc.		295,911
	5	NIFTY Corp.		3,984
	4,400	Nihon Dempa Kogyo Co. Ltd.		92,152
	2,200	Nihon Eslead Corp.		17,512
	8,000	Nihon Kohden Corp.		126,886
	2	Nihon M&A Center, Inc.		7,840
	10,000	Nihon Nohyaku Co. Ltd.		52,704
	11,000	Nihon Parkerizing Co. Ltd.		139,256
	1,000	Nihon Shokuhin Kako Co. Ltd.		7,865
	20,000	Nihon Spindle Manufacturing Co. Ltd.		28,802
	1,100	Nihon Tokushu Toryo Co. Ltd.		4,427
	2,050	Nihon Trim Co. Ltd.		41,015
	12,600	Nihon Unisys Ltd.		94,951
	46,000	Nihon Yamamura Glass Co. Ltd.		147,141
	8,000	Nikkiso Co. Ltd.		45,352
	24,000	Nippo Corp.		163,497
	50,000	Nippon Beet Sugar Manufacturing Co. Ltd.		133,882
	43,000	Nippon Carbide Industries Co., Inc.(b)		50,661
	21,000	Nippon Carbon Co. Ltd.		59,567
	6,200	Nippon Ceramic Co. Ltd.		73,384
	39,000	Nippon Chemical Industrial Co. Ltd.		89,640
	42,000	Nippon Chemi-Con Corp.(b)		154,871
	7,000	Nippon Chemiphar Co. Ltd.		19,977
	30,000	Nippon Coke & Engineering Co. Ltd.		33,198
	25,000	Nippon Concrete Industries Co. Ltd.		35,887
	13,000	Nippon Denko Co. Ltd.		78,927
	14,000	Nippon Densetsu Kogyo Co. Ltd.		107,404
	10,000	Nippon Denwa Shisetsu Co. Ltd.		30,118
	400	Nippon Felt Co. Ltd.		1,711
	300	Nippon Filcon Co. Ltd.		1,486
	6,300	Nippon Fine Chemical Co. Ltd.		48,772
	38,000	Nippon Flour Mills Co. Ltd.		187,330
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		29,305
	8,000	Nippon Gas Co. Ltd.		122,983
	18	Nippon Jogesuido Sekkei Co. Ltd.		19,082
	3,400	Nippon Kanzai Co. Ltd.		54,632
	15,000	Nippon Kasei Chemical Co. Ltd.		27,848
	40,000	Nippon Kayaku Co. Ltd.		334,186
	44,000	Nippon Kinzoku Co. Ltd.(b)		70,715
	31,000	Nippon Koei Co. Ltd.		97,633

33

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	27,000	Nippon Konpo Unyu Soko Co. Ltd.	$	287,398
	26,000	Nippon Koshuha Steel Co. Ltd.		25,194
	233,000	Nippon Light Metal Co. Ltd.(b)		227,754
	60,000	Nippon Meat Packers, Inc.		756,267
	64,000	Nippon Metal Industry Co. Ltd.		98,690
	56,000	Nippon Paint Co. Ltd.		348,562
	247	Nippon Parking Development Co. Ltd.		10,889
	8,000	Nippon Pillar Packing Co. Ltd.(b)		41,817
	46,000	Nippon Piston Ring Co. Ltd.(b)		46,230
	37,000	Nippon Road Co. Ltd. (The)		74,474
	10,000	Nippon Seiki Co. Ltd.		110,092
	6,000	Nippon Seisen Co. Ltd.		17,273
	2,000	Nippon Sharyo Ltd.		13,539
	236,000	Nippon Sheet Glass Co. Ltd.		609,573
	13,000	Nippon Shinyaku Co. Ltd.		148,263
	39,000	Nippon Shokubai Co. Ltd.		347,129
	14,000	Nippon Signal Co. Ltd. (The)		133,598
	52,000	Nippon Soda Co. Ltd.		192,279
	20,000	Nippon Steel Trading Co. Ltd.		32,473
	63,700	Nippon Suisan Kaisha Ltd.		184,908
	26,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		184,274
	32,000	Nippon Thompson Co. Ltd.		181,487
	21,000	Nippon Valqua Industries Ltd.		38,927
	50,500	Nippon Yakin Kogyo Co. Ltd.		188,754
	12,000	Nipro Corp.		252,367
	103,000	Nishimatsu Construction Co. Ltd.		119,208
	11,400	Nishimatsuya Chain Co. Ltd.		98,301
	293,000	Nishi-Nippon City Bank Ltd. (The)		757,189
	40,000	Nishi-Nippon Railroad Co. Ltd.		154,929
	18,000	Nissan Chemical Industries Ltd.		237,060
	34,000	Nissan Shatai Co. Ltd.		288,554
	28,000	Nissay Dowa General Insurance Co. Ltd.		133,622
	6,800	Nissei Corp.		48,692
	7,900	Nissen Holdings Co. Ltd.		24,444
	3,400	Nissha Printing Co. Ltd.		142,943
	7,300	Nisshin Fudosan Co. Ltd.		30,648
	42,000	Nisshin Oillio Group Ltd. (The)		224,488
	278,000	Nisshin Steel Co. Ltd.		471,667
	40,000	Nisshinbo Holdings, Inc.		347,428
	39,000	Nissin Corp.		82,815
	17,000	Nissin Electric Co. Ltd.		84,656
	13,900	Nissin Kogyo Co. Ltd.		215,172
	21,000	Nissin Sugar Manufacturing Co. Ltd.		47,441
	4,800	Nissui Pharmaceutical Co. Ltd.		35,558
	8,900	Nitta Corp.		130,406
	19,000	Nittetsu Mining Co. Ltd.		83,967
	85,000	Nitto Boseki Co. Ltd.		187,318
	13,000	Nitto Kogyo Corp.		132,732

Shares			Value
JAPAN (continued)
	4,400	Nitto Kohki Co. Ltd.	$	92,551
	6,000	Nitto Seiko Co. Ltd.		15,307
	6,200	Noevir Co. Ltd.		66,929
	60,000	NOF Corp.		244,640
	4,000	Nohmi Bosai Ltd.		23,865
	39,500	NOK Corp.		587,176
	23,000	Nomura Co. Ltd.		59,256
	58,000	Noritake Co. Ltd.		152,027
	9,600	Noritsu Koki Co. Ltd.		64,445
	9,000	Noritz Corp.		112,748
	3,700	NS Solutions Corp.		56,884
	10,600	NSD Co. Ltd.		113,050
	115,000	NSK Ltd.		833,800
	141,000	NTN Corp.		609,536
	4,300	Obara Corp.		36,144
	11,000	Obayashi Road Corp.		17,378
	350	OBIC Business Consultants Ltd.		15,634
	960	Obic Co. Ltd.		180,030
	15,000	Oenon Holdings, Inc.		28,300
	85,000	Ogaki Kyoritsu Bank Ltd. (The)		290,431
	3,600	Ohara, Inc.		56,282
	700	Ohashi Technica, Inc.		3,861
	4,838	Oiles Corp.		66,264
	58,000	Oita Bank Ltd. (The)		206,628
	17,800	Okabe Co. Ltd.		61,519
	13,000	Okamoto Industries, Inc.		49,701
	24,000	Okamura Corp.		120,583
	61,000	Okasan Securities Group, Inc.		289,966
	135,000	Oki Electric Industry Co. Ltd.(b)		114,665
	2,860	Okinawa Electric Power Co., Inc. (The)		155,280
	32,000	OKK Corp.(b)		26,132
	55,000	OKUMA Corp.		316,794
	67,000	Okumura Corp.		243,620
	17,000	Okura Industrial Co. Ltd.(b)		49,376
	9,000	Okuwa Co. Ltd.		89,208
	3,700	Olympic Corp.		25,415
	12,000	O-M Ltd.		41,447
	7,000	ONO Sokki Co. Ltd.		28,859
	7,000	Onoken Co. Ltd.		51,432
	59,000	Onward Holdings Co. Ltd.		381,966
	10,000	Organo Corp.		64,270
	15,000	Origin Electric Co. Ltd.		65,210
	7,100	Osaka Steel Co. Ltd.		116,942
	1,300	OSAKA Titanium Technologies Co.		42,091
	6,000	Osaki Electric Co. Ltd.		57,726
	10,600	OSG Corp.		115,887
	2,100	Otsuka Corp.		114,483
	7,100	Oyo Corp.		53,213
	86	Pacific Golf Group International Holdings KK		60,908
	19,000	Pacific Industrial Co. Ltd.		99,094
	9,000	Pacific Metals Co. Ltd.		59,850
	1,900	Pack Corp. (The)		24,724

34

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,000	Pal Co. Ltd.	$	40,331
	17,000	PanaHome Corp.		107,342
	7,700	Paramount Bed Co. Ltd.		154,531
	16,300	Parco Co. Ltd.		126,723
	4,600	Paris Miki Holdings, Inc.		40,107
	13,000	Park24 Co. Ltd.		136,570
	27	Pasona Group, Inc.		17,869
	109,000	Penta-Ocean Construction Co. Ltd.(b)		113,269
	2,900	Pigeon Corp.		114,141
	54	Pilot Corp.		57,911
	2,400	Piolax, Inc.		40,981
	60,300	Pioneer Corp.(b)		234,450
	3,300	Plenus Co. Ltd.		47,890
	57,000	Press Kogyo Co. Ltd.		103,658
	38,000	Prima Meat Packers Ltd.		39,571
	3,300	Pronexus, Inc.		20,207
	17,000	PS Mitsubishi Construction Co. Ltd.(b)		59,090
	21,100	QP Corp.		235,072
	27,500	Raito Kogyo Co. Ltd.		60,765
	31,000	Rasa Industries Ltd.(b)		30,904
	46,840	Rengo Co. Ltd.		277,147
	28,300	Renown, Inc.(b)		49,705
	10,000	Resort Solution Co. Ltd.		17,387
	6,192	Resorttrust, Inc.		76,892
	1,000	Rheon Automatic Machinery Co. Ltd.		2,453
	30,000	Rhythm Watch Co. Ltd.(b)		46,841
	7,300	Ricoh Leasing Co. Ltd.		165,747
	5,000	Right On Co. Ltd.		38,184
	31,000	Riken Corp.		107,214
	4,500	Riken Keiki Co. Ltd.		28,414
	9,000	Riken Technos Corp.		23,054
	2,600	Riken Vitamin Co. Ltd.		69,224
	3,700	Ringer Hut Co. Ltd.		50,199
	5,200	Rinnai Corp.		242,906
	73	Risa Partners, Inc.		43,484
	698	Riso Kyoiku Co. Ltd.		39,293
	2,400	Rock Field Co. Ltd.		32,283
	18,000	Rohto Pharmaceutical Co. Ltd.		219,614
	9,300	Roland Corp.		79,757
	2,200	Roland DG Corp.		29,595
	13,400	Round One Corp.		87,686
	6,000	Royal Holdings Co. Ltd.		60,175
	61,000	Ryobi Ltd.(b)		150,688
	23,000	Ryoden Trading Co. Ltd.		112,620
	3,400	Ryohin Keikaku Co. Ltd.		144,427
	12,200	Ryosan Co. Ltd.		293,143
	3,300	Ryoshoku Ltd.		84,699
	10,100	Ryoyo Electro Corp.		85,516
	5,000	S Foods, Inc.		44,397
	119,000	S Science Co. Ltd.(b)		3,956
	4,000	Sagami Chain Co. Ltd.(b)		30,577
	20,000	Sagami Co. Ltd.(b)		29,884
	39,000	Sagami Railway Co. Ltd.		167,192

Shares			Value
JAPAN (continued)
	65,000	Saibu Gas Co. Ltd.	$	180,678
	5,000	Saizeriya Co. Ltd.		93,843
	44,000	Sakai Chemical Industry Co. Ltd.		212,034
	39,000	Sakai Ovex Co. Ltd.(b)		33,694
	25,000	Sakata INX Corp.		102,755
	12,000	Sakata Seed Corp.		153,931
	3,000	Sala Corp.		18,119
	24,000	San-Ai Oil Co. Ltd.		91,596
	41,000	Sanden Corp.(b)		113,836
	7,500	Sanei-International Co. Ltd.		81,264
	70,000	San-In Godo Bank Ltd. (The)		555,698
	15,700	Sanix, Inc.(b)		33,249
	9,000	Sankei Building Co. Ltd. (The)		55,437
	55,000	Sanken Electric Co. Ltd.		154,579
	23,000	Sanki Engineering Co. Ltd.		154,792
	42	Sanko Marketing Foods Co. Ltd.		33,731
	10,000	Sankyo Seiko Co. Ltd.		29,204
	114,000	Sankyo-Tateyama Holdings, Inc.(b)		141,367
	34,000	Sankyu, Inc.		161,803
	20,600	Sanoh Industrial Co. Ltd.		131,717
	9,400	Sanrio Co. Ltd.		72,879
	14,200	Sanshin Electronics Co. Ltd.		108,019
	6,000	Sansui Electric Co. Ltd.(b)		330
	2,800	Santen Pharmaceutical Co. Ltd.		88,127
	67,000	Sanwa Holdings Corp.		182,174
	25,000	Sanyo Chemical Industries Ltd.		141,008
	9,000	Sanyo Denki Co. Ltd.		29,930
	48	Sanyo Housing Nagoya Co. Ltd.		42,512
	40,000	Sanyo Shokai Ltd.		127,558
	33,000	Sanyo Special Steel Co. Ltd.		125,798
	141,500	Sapporo Hokuyo Holdings, Inc.		572,096
	35,000	Sapporo Holdings Ltd.		184,123
	18,000	Sasebo Heavy Industries Co. Ltd.		39,972
	8,200	Sato Corp.		90,884
	4,600	Sato Shoji Corp.		22,931
	3,000	Satori Electric Co. Ltd.		17,360
	11,000	SAXA Holdings, Inc.(b)		16,132
	2,956	SBI Holdings, Inc.		561,982
	1,600	Secom Joshinetsu Co. Ltd.		34,024
	2,500	Secom Techno Service Co. Ltd.		68,095
	13,000	Seika Corp.		27,688
	5,600	Seikagaku Corp.		57,520
	36,000	Seiko Holdings Corp.		61,528
	100	Seiko PMC Corp.		281
	67,000	Seino Holdings Corp.		447,459
	23,000	Seiren Co. Ltd.		140,058
	13,000	Sekisui Jushi Corp.		108,136
	29,000	Sekisui Plastics Co. Ltd.		136,523
	29,000	Senko Co. Ltd.		108,268
	13,400	Senshukai Co. Ltd.		72,877
	5,000	Shibaura Mechatronics Corp.(b)		18,834

35

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	13,000	Shibusawa Warehouse Co. Ltd. (The)	$	41,326
	9,700	Shibuya Kogyo Co. Ltd.		79,478
	91,000	Shiga Bank Ltd. (The)		538,771
	61,000	Shikibo Ltd.		88,797
	53,000	Shikoku Bank Ltd. (The)		166,601
	15,000	Shikoku Chemicals Corp.		81,558
	5,400	Shima Seiki Manufacturing Ltd.		104,027
	19,300	Shimachu Co. Ltd.		392,818
	32,000	Shimadzu Corp.		211,236
	3,000	Shimizu Bank Ltd. (The)		120,635
	7,200	Shin Nippon Air Technologies Co. Ltd.		49,325
	31,000	Shinagawa Refractories Co. Ltd.		62,684
	29,000	Shindengen Electric Manufacturing Co. Ltd.(b)		78,163
	21,100	Shin-Etsu Polymer Co. Ltd.		132,709
	8,200	Shinkawa Ltd.		125,973
	9,000	Shin-Keisei Electric Railway Co. Ltd.		35,887
	12,000	Shinko Electric Industries Co. Ltd.		161,493
	5,000	Shinko Plantech Co. Ltd.		53,510
	8,000	Shinko Shoji Co. Ltd.		66,269
	7,000	Shinko Wire Co. Ltd.		11,441
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		80,512
	41,000	Shinmaywa Industries Ltd.		127,200
	6,700	Shinnihon Corp.		10,745
	16,000	Shinsho Corp.		26,446
	27,000	Shinwa Kaiun Kaisha Ltd.(b)		84,111
	15,000	Shiroki Corp.(b)		36,833
	2,000	Shizuki Electric Co., Inc.		8,501
	10,000	Shizuoka Gas Co. Ltd.		66,401
	4,900	SHO-BOND Holdings Co. Ltd.		82,593
	4,300	Shobunsha Publications, Inc.		26,789
	18,000	Shochiku Co. Ltd.		165,833
	500	Shofu, Inc.		4,015
	34,000	Shoko Co. Ltd.		41,083
	5,000	Showa Aircraft Industry Co. Ltd.		32,702
	15,100	Showa Corp.		83,928
	363,600	Showa Denko KK		743,970
	32,000	Showa Sangyo Co. Ltd.		104,532
	11,600	Siix Corp.		125,080
	82	Simplex Technology, Inc.		41,496
	11,000	Sinanen Co. Ltd.		46,211
	22,000	Sinfonia Technology Co. Ltd.		47,880
	22,300	Sintokogio Ltd.		170,651
	538	SKY Perfect JSAT Holdings, Inc.		229,965
	32,000	SMK Corp.		164,286
	8,000	Sodick Co. Ltd.(b)		17,503
	1,400	Soft99 Corp.		7,497
	1,200	Sogo Medical Co. Ltd.		26,705
	19,500	Sohgo Security Services Co. Ltd.		224,910

Shares			Value
JAPAN (continued)
	534,500	Sojitz Corp.	$	982,868
	25	So-Net Entertainment Corp.		58,666
	200	SPK Corp.		2,802
	3,100	Square Enix Holdings Co. Ltd.		61,930
	2,500	SRA Holdings, Inc.		22,248
	35	SRI Sports Ltd.		33,494
	16,000	SSP Co. Ltd.		91,857
	5,000	ST Corp.		55,256
	1,000	St. Marc Holdings Co. Ltd.		30,260
	12,100	Stanley Electric Co. Ltd.		230,568
	11,000	Star Micronics Co. Ltd.		104,501
	30,000	Starzen Co. Ltd.		78,294
	2,000	Stella Chemifa Corp.		103,306
	4,200	Sugi Holdings Co. Ltd.		98,812
	2,900	Sugimoto & Co. Ltd.		24,477
	8,100	Sumida Corp.		64,479
	37,000	Sumikin Bussan Corp.		73,994
	12,000	Suminoe Textile Co. Ltd.(b)		20,678
	5,600	Sumiseki Holdings, Inc.(b)		6,173
	8,800	Sumisho Computer Systems Corp.		123,108
	76,000	Sumitomo Bakelite Co. Ltd.		411,566
	12,300	Sumitomo Densetsu Co. Ltd.		63,001
	48,700	Sumitomo Forestry Co. Ltd.		357,565
	150,000	Sumitomo Heavy Industries Ltd.(b)		764,823
	97,000	Sumitomo Light Metal Industries Ltd.(b)		82,304
	37,800	Sumitomo Mitsui Construction Co. Ltd.(b)		30,428
	141,000	Sumitomo Osaka Cement Co. Ltd.		204,789
	12,300	Sumitomo Pipe & Tube Co. Ltd.		64,171
	7,000	Sumitomo Precision Products Co. Ltd.		19,768
	1,370	Sumitomo Real Estate Sales Co. Ltd.		59,231
	32,500	Sumitomo Rubber Industries, Inc.		254,250
	13,000	Sumitomo Seika Chemicals Co. Ltd.		50,184
	56,000	Sumitomo Warehouse Co. Ltd. (The)		245,207
	18,000	Sun Wave Corp.		59,037
	4,400	Sundrug Co. Ltd.		98,972
	10,500	Sunx Ltd.		37,942
	38,000	Suruga Bank Ltd.		335,228
	1,300	Suruga Co. Ltd.		23,599
	12,700	Suzuken Co. Ltd.		423,747
	102,000	SWCC Showa Holdings Co. Ltd.(b)		97,382
	62,000	SXL Corp.(b)		30,805
	4,100	Sysmex Corp.		229,130
	6,800	T. Hasegawa Co. Ltd.		93,975
	13,000	T. RAD Co. Ltd.		29,262
	5,000	Tachibana Eletech Co. Ltd.		34,970

36

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,800	Tachi-S Co. Ltd.	$	84,032
	38,000	Tadano Ltd.		181,468
	8,000	Taihei Dengyo Kaisha Ltd.		66,240
	22,000	Taihei Kogyo Co. Ltd.		89,028
	311,000	Taiheiyo Cement Corp.(b)		350,029
	9,900	Taiho Kogyo Co. Ltd.		62,962
	9,400	Taikisha Ltd.		134,422
	288,100	Taisei Corp.		557,167
	45,000	Taiyo Yuden Co. Ltd.		690,750
	1,800	Takachiho Electric Co. Ltd.		20,329
	22,000	Takagi Securities Co. Ltd.		38,594
	6,600	Takamatsu Construction Group Co. Ltd.		83,190
	6,500	Takano Co. Ltd.		35,089
	23,000	Takara Holdings, Inc.		126,890
	3,800	Takara Printing Co. Ltd.		29,854
	37,000	Takara Standard Co. Ltd.		208,118
	16,000	Takasago International Corp.		77,375
	21,000	Takasago Thermal Engineering Co. Ltd.		174,732
	26,000	Takashima & Co. Ltd. (b)		36,170
	91,000	Takashimaya Co. Ltd.		661,680
	10,600	Takata Corp.		233,220
	276	Take and Give Needs Co. Ltd.(b)		29,890
	9,000	Takihyo Co. Ltd.		46,263
	11,000	Takiron Co. Ltd.		28,503
	31,000	Takuma Co. Ltd.(b)		77,241
	5,900	Tamron Co. Ltd.		68,471
	37,000	Tamura Corp.(b)		114,306
	14,000	Tatsuta Electric Wire and Cable Co. Ltd.		33,602
	19,000	Tayca Corp.		49,848
	27,000	Teac Corp.(b)		10,178
	11,170	Tecmo Koei Holdings Co. Ltd.(b)		86,335
	294,000	Teijin Ltd.		891,554
	800	Teikoku Electric Manufacturing Co. Ltd.		15,090
	9,800	Teikoku Piston Ring Co. Ltd.		37,274
	7,000	Teikoku Sen-I Co. Ltd.		33,990
	8,000	Teikoku Tsushin Kogyo Co. Ltd.		18,844
	72,000	Tekken Corp.(b)		63,550
	8,300	Tenma Corp.		95,932
	26	T-GAIA Corp.		41,125
	21,400	THK Co. Ltd.		422,452
	5,600	TKC Corp.		103,655
	78,000	Toa Corp.		80,756
	18,000	Toa Road Corp.		25,211
	82,000	Toagosei Co. Ltd.		313,839
	13,000	Tobu Store Co. Ltd.		39,819
	31,400	TOC Co. Ltd.		124,012
	3,000	Tocalo Co. Ltd.		51,540
	41,000	Tochigi Bank Ltd.(The)		174,862
	96,000	Toda Corp.		326,477

Shares			Value
JAPAN (continued)
	15,000	Toda Kogyo Corp.	$	100,095
	26,000	Toei Co. Ltd.		139,708
	16,000	Toenec Corp.		87,687
	76,000	Toho Bank Ltd. (The)		242,765
	43,000	Toho Gas Co. Ltd.		225,967
	2,400	Toho Holdings Co. Ltd.		31,755
	9,000	Toho Real Estate Co. Ltd.		48,824
	2,100	Toho Titanium Co. Ltd.		39,039
	37,000	Toho Zinc Co. Ltd.		170,106
	13,000	Tohoku Bank Ltd. (The)		20,158
	4,000	Tohto Suisan Co. Ltd.		6,119
	54,000	Tokai Carbon Co. Ltd.		252,412
	13,000	Tokai Corp.		68,221
	16,800	Tokai Rika Co. Ltd.		352,136
	16,500	Tokai Rubber Industries, Inc.		190,624
	83,000	Tokai Tokyo Financial Holdings		312,527
	1,230	Token Corp.		26,603
	4,000	Toko Electric Corp.		26,691
	39,000	Toko, Inc.(b)		57,313
	27,000	Tokushima Bank Ltd. (The)		95,399
	31,840	Tokushu Tokai Holdings Co. Ltd.		79,318
	67,000	Tokuyama Corp.		355,514
	35,000	Tokyo Dome Corp.		101,024
	15	Tokyo Electron Device Ltd.		19,371
	16,000	Tokyo Energy & Systems, Inc.		102,401
	26,000	Tokyo Keiki, Inc.		35,497
	14,000	Tokyo Kikai Seisakusho Ltd.		14,827
	18,800	Tokyo Ohka Kogyo Co. Ltd.		327,486
	11,000	Tokyo Rakutenchi Co. Ltd.		43,810
	21,000	Tokyo Rope Manufacturing Co. Ltd.		52,591
	11,900	Tokyo Seimitsu Co. Ltd.(b)		161,445
	41,300	Tokyo Steel Manufacturing Co. Ltd.		409,356
	30,000	Tokyo Style Co. Ltd.		211,544
	117,000	Tokyo Tatemono Co. Ltd.		462,976
	5,800	Tokyo Tatemono Real Estate Sales Co. Ltd.		17,141
	12,000	Tokyo Tekko Co. Ltd.		34,989
	20,000	Tokyo Theaters Co., Inc.		31,480
	13,700	Tokyo Tomin Bank Ltd. (The)		184,461
	34,000	Tokyotokeiba Co. Ltd.		49,031
	2,300	Tokyu Community Corp.		51,827
	10,980	Tokyu Construction Co. Ltd.(b)		27,829
	77,000	Tokyu Land Corp.		290,401
	3,900	Tokyu Livable, Inc.		31,130
	12,000	Toli Corp.		21,404
	19,000	Tomato Bank Ltd.		39,309
	2,700	Tomen Devices Corp.		51,590
	3,500	Tomen Electronics Corp.		39,081
	14,800	Tomoe Corp.		35,063
	2,400	Tomoe Engineering Co. Ltd.		31,099
	15,000	Tomoku Co. Ltd.		32,739
	8,436	Tomy Co. Ltd.		67,910

37

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,000	Tonami Holdings Co. Ltd.	$	33,882
	28,000	Tonichi Carlife Group(b)		30,815
	22,100	Topcon Corp.		113,891
	9,500	Toppan Forms Co. Ltd.		100,733
	14,800	Topre Corp.		132,454
	75,000	Topy Industries Ltd.		125,130
	6,500	Tori Holdings Co. Ltd.(b)		2,150
	23	Toridoll Corp.		42,697
	4,900	Torigoe Co. Ltd. (The)		42,079
	6,300	Torii Pharmaceutical Co. Ltd.		118,573
	5,000	Torishima Pump Manufacturing Co. Ltd.		111,281
	43,000	Toshiba Machine Co. Ltd.		165,786
	17,000	Toshiba Plant Systems & Services Corp.		206,906
	58,000	Toshiba TEC Corp.(b)		216,497
	23,000	Tosho Printing Co. Ltd.		39,676
	147,000	Tosoh Corp.		378,021
	16,000	Totetsu Kogyo Co. Ltd.		89,968
	38,000	TOTO Ltd.		230,006
	19,000	Tottori Bank Ltd. (The)		51,346
	4,500	Touei Housing Corp.		35,342
	84,000	Towa Bank Ltd. (The)(b)		60,350
	2,000	Towa Pharmaceutical Co. Ltd.		98,651
	105,000	Toyo Construction Co. Ltd.		49,794
	7,200	Toyo Corp.		58,245
	7,000	Toyo Electric Manufacturing Co. Ltd.		52,364
	13,000	Toyo Engineering Corp.		41,498
	87,000	Toyo Ink Manufacturing Co. Ltd.		358,528
	19,000	Toyo Kanetsu K K		34,992
	26,000	Toyo Kohan Co. Ltd.		131,778
	38,000	Toyo Securities Co. Ltd.(b)		69,893
	4,000	Toyo Suisan Kaisha Ltd.		105,556
	700	Toyo Tanso Co. Ltd.		36,575
	60,000	Toyo Tire & Rubber Co. Ltd.(b)		102,070
	20,000	Toyo Wharf & Warehouse Co. Ltd.		36,480
	133,000	Toyobo Co. Ltd.		201,173
	9,200	Toyoda Gosei Co. Ltd.		253,327
	13,400	Toyota Auto Body Co. Ltd.		235,559
	10,200	Toyota Boshoku Corp.		223,213
	12,600	Transcosmos, Inc.(b)		113,576
	8,100	Trusco Nakayama Corp.		113,123
	4,300	TS Tech Co. Ltd.		81,198
	53,000	Tsubakimoto Chain Co.		236,052
	28,000	Tsudakoma Corp.(b)		37,683
	34,000	Tsugami Corp.		118,444
	15,000	Tsukishima Kikai Co. Ltd.		88,192
	8,900	Tsumura & Co.		281,605
	3,100	Tsuruha Holdings, Inc.		115,707
	5,000	Tsurumi Manufacturing Co. Ltd.		34,826
	4,000	Tsutsumi Jewelry Co. Ltd.		75,831
	31	TV Asahi Corp.		50,265
	300	TV Tokyo Corp.		6,236

Shares			Value
JAPAN (continued)
	149,000	Ube Industries Ltd.	$	385,846
	15,000	Ube Material Industries Ltd.		37,257
	32,000	Uchida Yoko Co. Ltd.		92,639
	6,900	Ulvac, Inc.		174,735
	1,300	Unicharm Petcare Corp.		43,319
	34,000	Uniden Corp.(b)		78,550
	3,500	Unimat Life Corp.		34,358
	2,500	Union Tool Co.		70,032
	4,000	Unipres Corp.		63,199
	5,600	United Arrows Ltd.		53,095
	94,000	Unitika Ltd.(b)		72,773
	3,400	Universe Co. Ltd.		45,653
	79,000	UNY Co. Ltd.		605,183
	18,100	U-Shin Ltd.		104,352
	15,000	Ushio, Inc.		253,716
	3,150	USS Co. Ltd.		191,274
	7,600	Utoc Corp.		19,279
	15,700	Valor Co. Ltd.		125,418
	13,600	Vital KSK Holdings, Inc.(b)		84,304
	27,000	Wacoal Holdings Corp.		316,991
	33	Wacom Co. Ltd. Japan		55,260
	18,000	Wakachiku Construction Co. Ltd.(b)		8,761
	5,100	Warabeya Nichiyo Co. Ltd.		62,209
	5,500	WATAMI Co. Ltd.		100,643
	22,000	Wood One Co. Ltd.		53,420
	5,100	Xebio Co. Ltd.		95,692
	6,300	Yachiyo Bank Ltd. (The)		140,225
	4,000	Yahagi Construction Co.		23,719
	2,600	Yaizu Suisankagaku Industry Co. Ltd.		31,190
	4,800	YAMABIKO Corp.		48,835
	50,000	Yamagata Bank Ltd. (The)		238,202
	18,000	Yamaguchi Financial Group, Inc.		178,357
	65,500	Yamaha Corp.		777,766
	59,000	Yamanashi Chuo Bank Ltd. (The)		251,863
	9,300	Yamatake Corp.		203,750
	29,000	Yamatane Corp.		38,750
	7,200	Yamato Kogyo Co. Ltd.		226,244
	9,000	Yamazaki Baking Co. Ltd.		109,220
	100	Yamazawa Co. Ltd.		1,371
	18,200	Yamazen Corp.		61,611
	2,500	Yaoko Co. Ltd.		74,006
	29,000	Yaskawa Electric Corp.		240,032
	5,000	Yasuda Warehouse Co. Ltd. (The)		31,188
	11,400	Yellow Hat Ltd.		88,272
	55,000	Yodogawa Steel Works Ltd.		225,193
	3,000	Yokogawa Bridge Holdings Corp.		22,863
	75,500	Yokogawa Electric Corp.		609,127
	19,000	Yokohama Reito Co. Ltd.		130,317
	68,000	Yokohama Rubber Co. Ltd. (The)		257,240

38

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	3,700	Yokowo Co. Ltd.	$	21,093
	5,000	Yomeishu Seizo Co. Ltd.		46,666
	14,000	Yomiuri Land Co. Ltd.		46,027
	7,000	Yondenko Corp.		35,641
	9,000	Yonekyu Corp.		83,255
	3,500	Yonex Co. Ltd.		26,109
	8,300	Yorozu Corp.		105,792
	52	Yoshinoya Holdings Co. Ltd.		57,666
	72,000	Yuasa Trading Co. Ltd.		61,070
	27,000	Yuken Kogyo Co. Ltd.		39,564
	3,600	Yukiguni Maitake Co. Ltd.		17,320
	22,000	Yuraku Real Estate Co. Ltd.		78,033
	20,000	Yurtec Corp.		100,202
	800	Yusen Air & Sea Service Co. Ltd.		10,791
	2,640	Yushin Precision Equipment Co. Ltd.		40,112
	3,000	Yushiro Chemical Industry Co. Ltd.		39,141
	6,400	Zenrin Co. Ltd.		73,440
	14,300	Zensho Co. Ltd.		103,865
	72,000	Zeon Corp.		354,709
	5,000	ZERIA Pharmaceutical Co. Ltd.		48,590
	8,300	Zuken, Inc.		60,600
				150,404,013
LIECHTENSTEIN — 0.0%
	1,292	Verwalt & Privat-Bank AG		137,385
LUXEMBOURG — 0.0%
	48,800	Acergy SA		742,063
	4,900	Altisource Portfolio Solutions SA(b)		112,455
	2,150	Elcoteq SE(b)		3,903
	5,544	Oriflame Cosmetics SA		303,951
	220,632	Regus Plc		313,016
				1,475,388
MALAYSIA — 0.2%
	61,000	Aeon Co. (Malaysia) Berhad		93,688
	226,400	Affin Holdings Berhad		169,917
	96,700	AirAsia Berhad(b)		38,459
	148,600	Alliance Financial Group Berhad		108,379
	45,800	Amway (Malaysia) Holdings Berhad		97,946
	58,400	ANN JOO Resources Berhad		47,670
	85,200	Bandar Raya Developements Berhad		37,804
	22,000	Batu Kawan Berhad		66,464
	436,600	Berjaya Corp. Berhad		156,788
	10,915	Berjaya Media Berhad(b)(d)		2,974
	31,500	Berjaya Sports Toto Berhad		38,834
	92,540	Boustead Holdings Berhad		91,979
	75,100	Carlsberg Brewery-Malaysia Berhad		100,311

Shares			Value
MALAYSIA (continued)
	34,000	Chemical Co. of Malaysia Berhad	$	21,403
	121,380	Dialog Group Berhad		48,521
	84,900	DNP Holdings Berhad		35,415
	369,300	DRB-Hicom Berhad		112,112
	166,900	Eastern & Oriental Berhad(b)		48,940
	79,400	EON Capital Berhad		161,118
	18,500	Fraser & Neave Holdings Berhad		59,577
	248,600	Gamuda Berhad		201,098
	48,100	Genting Plantations Berhad		84,714
	76,900	Guinness Anchor Berhad		153,259
	102,700	GuocoLand Malaysia Berhad		29,604
	60,800	HAP Seng Consolidated Berhad		42,515
	110,500	Hap Seng Plantations Holdings Berhad		76,140
	54,100	Hong Leong Financial Group Berhad		119,684
	51,500	Hong Leong Industries Berhad		72,034
	30,500	Hume Industries-Malaysia Berhad		38,099
	213,100	IGB Corp. Berhad(b)		112,553
	387,940	IJM Corp. Berhad		521,628
	114,200	IJM Land Berhad(b)		72,489
	97,200	IJM Plantations Berhad		68,143
	32,800	JT International Berhad		48,974
	123,080	Kencana Petroleum Berhad		56,030
	54,900	KFC Holdings Malaysia Berhad		127,996
	159,300	KLCC Property Holdings Berhad		154,450
	538,200	KNM Group Berhad		115,002
	93,750	KPJ Healthcare Berhad		60,753
	58,700	Kulim Malaysia Berhad		124,513
	40,000	Lafarge Malayan Cement Berhad		73,665
	157,800	Landmarks Berhad(b)		58,142
	97,400	Lingkaran Trans Kota Holdings Berhad		82,168
	322,800	Lion Corp. Berhad(b)		34,760
	262,600	Lion Diversified Holdings Berhad		36,264
	112,000	Lion Industries Corp. Berhad		55,728
	74,900	Mah Sing Group Berhad		39,684
	50,000	Malaysia Airports Holdings Berhad		67,216
	50,100	Malaysian Airline System Berhad(b)		38,292
	64,800	Malaysian Bulk Carriers Berhad		58,390
	12,000	Malaysian Pacific Industries		22,014
	247,500	Malaysian Resources Corp. Berhad(b)		101,582
	82,500	MEASAT Global Berhad(b)		45,136
	112,000	Media Prima Berhad		57,787
	279,900	MMC Corp. Berhad		189,709
	46,000	MNRB Holdings Berhad(b)		37,030
	106,100	Muhibbah Engineering M Berhad		31,182

39

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	450,000	Mulpha International Berhad(b)	$	64,922
	29,100	Naim Cendera Holdings Berhad		25,438
	58,700	NCB Holdings Berhad		53,130
	4,700	Nestle Malaysia Berhad		45,569
	70,500	Oriental Holdings Berhad		118,568
	249,125	OSK Holdings Berhad		92,292
	49,086	Parkson Holdings Berhad		79,686
	25,500	Pelikan International Corp. Berhad		9,654
	106,300	POS Malaysia Berhad		65,418
	69,100	Proton Holdings Berhad(b)		78,871
	86,870	Puncak Niaga Holdings Berhad		71,663
	143,700	Ranhill Berhad		34,753
	84,100	SapuraCrest Petroleum Berhad		56,815
	3,700	Sarawak Oil Palms Berhad		2,889
	260,900	Scomi Group Berhad		34,166
	75,100	Shangri-La Hotels (Malaysia) Berhad		39,735
	28,400	Shell Refining Co. Federation of Malaya Berhad		89,335
	90,800	SP Setia Berhad		107,160
	91,200	Star Publications Malaysia Berhad		85,296
	41,790	Subur Tiasa Holdings Berhad		23,116
	62,400	Sunrise Berhad		39,879
	104,800	Sunway City Berhad		97,991
	153,500	Sunway Holdings Berhad(b)		59,549
	51,600	Ta Ann Holdings Berhad		69,211
	325,600	TA Enterprise Berhad		66,463
	195,360	Ta Global Berhad(b)(d)		26,919
	195,360	Ta Global Berhad - Preferred Shares(b)(d)		21,191
	210,800	TAN Chong Motor Holdings Berhad		194,101
	43,100	Telekom Malaysia Berhad		39,365
	170,200	Time dotCom Berhad(b)		18,850
	140,000	Titan Chemicals Corp.(b)		51,879
	60,480	Top Glove Corp. Berhad		198,062
	275,400	Tradewinds Corp. Berhad		50,211
	99,300	Uchi Technologies Berhad		38,033
	80,250	UEM Land Holdings Berhad(b)		34,550
	75,100	UMW Holdings Berhad		137,403
	90,600	Unisem (M) Berhad		58,178
	38,700	United Plantations Berhad		153,912
	105,000	Wah Seong Corp. Berhad		71,218
	141,900	WTK Holdings Berhad		45,549
	82,258	YNH Property Berhad(b)		39,425
	95,600	Zelan Berhad(b)		20,182
				7,557,323
MEXICO — 0.3%
	107,100	Alfa SAB de CV - Series A		693,039
	22,000	Alsea SAB de CV		17,341
	376,100	Axtel SAB de CV - CPO Shares(b)		334,119
	27,400	Banco Compartamos SA de CV		132,056

Shares			Value
MEXICO (continued)
	154,500	Carso Infraestructura y Construccion SAB de CV(b)	$	96,858
	10,500	Cia Minera Autlan SAB de CV - Series B		22,076
	386,400	Consorcio ARA SAB de CV(b)		248,442
	158,600	Corp. GEO SAB de CV - Series B(b)		421,357
	107,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		49,572
	27,800	Corp. Moctezuma SAB de CV		76,089
	34,900	Desarrolladora Homex SAB de CV(b)		178,556
	241,200	Embotelladoras Arca SAB de CV		774,495
	179,850	Empresas ICA Sociedad Controladora SAB de CV(b)		438,900
	59,000	Genomma Lab Internacional SA de CV - Class B(b)		136,674
	90,117	Gruma SAB de CV - Series B(b)		171,209
	59,900	Grupo Aeroportuario del Centro Norte SAB de CV		89,942
	109,000	Grupo Aeroportuario del Pacifico SAB de CV - Series B		342,917
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B		825,000
	76,400	Grupo Bimbo SAB de CV - Class A		480,713
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)		423,749
	109,000	Grupo Continental SAB de CV		287,417
	67,000	Grupo Famsa SAB de CV - Class A(b)		138,303
	250,100	Grupo Financiero Banorte SAB de CV - Series O		822,385
	57,500	Grupo Industrial Maseca SAB de CV - Series B(c)(d)		46,158
	32,600	Grupo Industrial Saltillo SAB de CV(b)		22,805
	4,500	Grupo Mexicano de Desarrollo SAB de CV(b)(d)		2,298
	45,400	Grupo Simec SAB de CV - Series B(b)		108,849
	101,300	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		120,817
	138,400	Industrias CH SAB de CV - Series B(b)		456,572
	5,700	Industrias Penoles SAB de CV		103,716
	127,413	Mexichem SAB de CV		273,724
	143,500	Organizacion Soriana SAB de CV - Series B(b)		333,188
	13,100	Promotora y Operadora de Infraestructura SAB de CV(b)		27,542
	25,500	Qualitas Compania de Seguros SA de CV		14,524

40

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
MEXICO (continued)
	194,100	Sare Holding SAB de CV - Class B(b)	$	59,803
	784,800	TV Azteca SA de CV.		411,000
	125,800	Urbi Desarrollos Urbanos SAB de CV(b)		262,276
				9,444,481
MONACO — 0.0%
	560	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		37,640
NETHERLANDS — 0.6%
	30,663	Aalberts Industries NV.		445,972
	1,723	Accell Group		80,850
	6,716	AMG Advanced Metallurgical Group NV(b)		76,505
	1,517	Amsterdam Commodities NV		11,308
	8,272	Arcadis NV.		183,110
	16,551	ASM International NV(b)		380,933
	6,939	BE Semiconductor Industries NV(b)		27,748
	2,250	Beter BED Holding NV		59,245
	14,708	BinckBank NV		257,576
	4,451	Brunel International		164,192
	16,683	Crucell NV(b)		324,690
	3,083	Crucell NV - ADR(b)		59,810
	1,309	Dockwise Ltd.(b)		39,210
	10,240	Draka Holding(b)		173,560
	3,556	Exact Holding NV		93,358
	4,496	Fornix Biosciences NV		51,174
	9,788	Fugro NV - CVA		580,482
	903	Gamma Holding NV(b)		13,574
	4,353	Grontmij NV CVA		107,181
	6,853	Heijmans NV - CVA(b)		122,287
	16,275	Imtech NV		439,691
	8,442	Innoconcepts(b)		9,655
	82,206	James Hardie Industries NV(b)		537,141
	4,478	KAS Bank NV - CVA.		85,661
	419	Kendrion NV.		5,617
	54,001	Koninklijke BAM Groep NV		529,535
	20,051	Koninklijke Boskalis Westminster NV - CVA.		703,942
	74,944	Koninklijke DSM NV		3,492,981
	6,156	Koninklijke Vopak NV(b)		461,100
	3,411	Macintosh Retail Group NV		62,342
	19,570	Mediq NV.		352,917
	11,096	Nutreco Holding NV.		588,641
	41,505	OCE NV(b)		497,956
	23,562	Ordina NV(b)		174,938
	1,875	Punch Graphix NV(b)		5,277
	31,667	Qiagen NV(b)		693,676
	11,176	Qurius NV(b)		4,803
	44,158	Randstad Holding NV(b)		2,119,256
	42,668	SBM Offshore NV		832,748
	8,307	Sligro Food Group NV.		251,205
	5,103	Smit International NV.		437,084

Shares			Value
NETHERLANDS (continued)
	60,863	SNS Reaal(b)	$	356,719
	9,011	Super De Boer(b)		0
	9,199	Telegraaf Media Groep NV		175,208
	9,743	Ten Cate NV		256,659
	14,810	TKH Group NV		284,173
	21,144	TNT NV		607,009
	27,942	TomTom NV(b)		226,469
	6,421	Unit 4 Agresso NV(b)		152,241
	28,285	USG People NV(b)		539,757
	113,928	Wavin NV.		257,921
	52,890	Wolters Kluwer NV		1,103,973
				19,499,060
NEW ZEALAND — 0.1%
	124,893	Air New Zealand Ltd.		113,161
	955	Allied Medical Ltd.(c)(d)		0
	293,121	Auckland International Airport Ltd.		414,401
	77,302	Contact Energy Ltd.(b)		313,709
	253,331	Fisher & Paykel Appliances Holdings Ltd.(b)		106,406
	75,034	Fisher & Paykel Healthcare Corp. Ltd.		177,969
	17,741	Freightways Ltd.		40,612
	72,534	Infratil Ltd.		83,662
	25,306	Mainfreight Ltd.		101,561
	133,040	New Zealand Oil & Gas Ltd.		141,660
	36,746	New Zealand Refining Co. Ltd. (The)		94,508
	61,319	Nuplex Industries Ltd.		138,802
	74,819	PGG Wrightson Ltd.(b)		32,684
	80,140	Pike River Coal Ltd.(b)		53,492
	36,901	Port of Tauranga Ltd.		184,257
	27,536	Pumpkin Patch Ltd.		37,820
	76,230	Ryman Healthcare Ltd.		111,975
	15,128	Sanford Ltd.		51,024
	110,775	Sky City Entertainment Group Ltd.		256,116
	71,497	Sky Network Television Ltd.		240,448
	16,969	Steel & Tube Holdings Ltd.		34,636
	58,281	Tower Ltd.		80,565
	27,372	TrustPower Ltd.		140,120
	49,480	Vector Ltd.		67,936
	34,146	Warehouse Group Ltd. (The)		92,110
				3,109,634
NORWAY — 0.3%
	8,000	ABG Sundal Collier Holding ASA		10,042
	31,000	Acta Holding ASA(b)		18,842
	3,380	Aker ASA - Class A		89,819
	70,000	Aker Solutions ASA		934,156
	7,600	Aktiv Kapital ASA(b)		54,766
	34,500	Atea ASA		289,686
	23,800	Austevoll Seafood ASA(b)		177,824
	19,520	Blom ASA(b)		38,806

41

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
NORWAY (continued)
	4,500	Bonheur ASA	$	132,575
	97,500	BW Offshore Ltd.(b)		134,287
	3,200	Camillo Eitzen & Co. ASA(b)		7,623
	26,200	Cermaq ASA(b)		258,867
	1,964	Det Norske Oljeselskap ASA(b)		10,646
	136,848	DNO International ASA(b)		131,448
	5,000	DOF ASA(b)		31,306
	25,800	EDB Business Partner ASA(b)		99,728
	19,000	Eitzen Chemical ASA(b)		6,443
	5,500	Ekornes ASA		118,207
	4,800	Electromagnetic Geoservices AS(b)		4,811
	3,400	Farstad Shipping ASA		78,927
	5,300	Fred Olsen Energy ASA		207,203
	6,500	Ganger Rolf ASA		175,540
	12,320	Kongsberg Gruppen ASA		177,265
	1,127,000	Marine Harvest(b)		1,006,771
	83,634	Norse Energy Corp. ASA(b)(d)		70,572
	288,200	Norsk Hydro ASA(b)		2,090,141
	51,200	Norske Skogindustrier ASA(b)		84,855
	4,652	Norwegian Air Shuttle AS(b)		95,232
	1,500	Norwegian Energy Co. AS(b)		4,507
	3,050	Odfjell ASA - Class A		27,277
	8,600	ODIM ASA		46,056
	9,000	Opera Software ASA		29,355
	72,800	Petroleum Geo-Services ASA(b)		905,931
	21,000	Pronova BioPharma A/S(b)		61,790
	48,951	Renewable Energy Corp. A/S(b)		283,867
	5,000	Rieber & Son ASA		37,847
	18,600	Schibsted ASA(b)		407,731
	124,724	Sevan Marine ASA(b)		179,527
	3,800	Solstad Offshore ASA		72,951
	18,810	Songa Offshore SE(b)		104,790
	11,656	SpareBank 1 SMN		102,401
	110,200	Storebrand ASA(b)		770,423
	17,000	Tandberg ASA		477,480
	42,000	TGS Nopec Geophysical Co. ASA(b)		801,458
	24,200	Tomra Systems ASA		112,415
	15,000	Veidekke ASA		127,629
	3,250	Wilh Wilhelmsen ASA - Class A		70,728
				11,160,551
PERU — 0.0%
	5,000	Copeinca ASA(b)		40,418
	23,658	Hochschild Mining Plc		101,675
				142,093
PHILIPPINES — 0.1%
	1,120,000	Aboitiz Equity Ventures, Inc.		238,569
	90,000	Aboitiz Power Corp.		18,349
	908,000	Ayala Land, Inc.		203,593
	179,600	Banco de Oro Unibank, Inc.		138,667
	523,000	Benpres Holdings Corp.(b)		33,265
	5,817	China Banking Corp.		44,086

Shares			Value
PHILIPPINES (continued)
	61,000	DMCI Holdings, Inc.	$	11,880
	1,767,500	Energy Development Corp.		179,799
	80,000	Filinvest Development Corp.		3,185
	2,159,375	Filinvest Land, Inc.		41,139
	88,100	First Philippine Holdings Corp.		91,436
	155,000	Jollibee Foods Corp.		174,714
	127,000	Manila Water Co., Inc.		42,187
	3,091,696	Megaworld Corp.		78,790
	190,500	Metropolitan Bank & Trust.		171,243
	66,200	Philippine National Bank(b)		33,311
	7,400	Philippine Stock Exchange, Inc.		43,616
	100,000	Rizal Commercial Banking Corp.		35,758
	321,900	Robinsons Land Corp.		82,461
	26,700	Security Bank Corp.		30,948
	65,600	Union Bank of Philippines		53,494
	323,815	Universal Robina Corp.		118,167
	1,823,000	Vista Land & Lifescapes, Inc.		71,734
				1,940,391
POLAND — 0.2%
	16,598	Agora SA(b)		116,585
	14,296	Alchemia SA(b)		32,004
	1,453	AmRest Holdings NV(b)		37,925
	7,270	Apator SA		42,023
	17,720	Asseco Poland SA		362,941
	1,272	Bank BPH SA(b)		34,878
	7,366	Bank Handlowy W Warszawie SA(b)		187,931
	100,867	Bank Millennium SA(b)		145,238
	4,954	Bank Zachodni WBK SA(b)		298,155
	38,229	Barlinek SA(b)		47,070
	998,357	Bioton SA(b)		67,732
	2,016	BRE Bank SA(b)		175,306
	6,112	Budimex SA		153,898
	6,250	Central European Distribution Corp.(b)		200,312
	30,594	Cersanit-Krasnystaw SA(b)		145,098
	3,727	Ciech SA(b)		40,037
	1,000	Dom Development SA		14,534
	155,994	Echo Investment SA(b)		205,077
	526	Elektrobudowa SA		30,570
	32,056	Eurocash SA		189,066
	21,032	Fabryka Kotlow Rafako SA		79,990
	6,186	Farmacol SA(b)		82,668
	4,055	Firma Oponiarska Debica SA		90,643
	78,846	Getin Holdings SA(b)		244,459
	31,220	Getin Noble Bank SA		55,575
	4,706	Grupa Kety SA(b)		183,957
	28,521	Grupa Lotos SA(b)		270,186
	45,450	Impexmetal SA		39,941
	1,500	Inter Cars SA(b)		40,728
	4,255	Koelner SA(b)		21,360
	3,531	Kredyt Bank SA(b)		16,536
	66,182	LC Corp. SA(b)		32,943
	350	LPP SA(b)		210,136

42

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
POLAND (continued)
	5,176	Mondi Swiecie SA(b)	$	130,181
	8,958	Mostostal Zabrze SA(b)		12,419
	1,856	Mostostal-Warszawa SA(b)		39,996
	37,549	Multimedia Polska SA(b)		91,865
	90,939	Netia SA(b)		142,207
	3,805	NG2 SA		68,726
	12,374	Orbis SA(b)		152,622
	1,308	PBG SA(b)		95,146
	16,684	Pfleiderer Grajewo SA(b)		91,253
	132,505	Polimex Mostostal SA		191,657
	2,961	Polnord SA(b)		33,317
	3,298	Polska Grupa Farmaceutyczna SA(b)		48,070
	38,946	Polski Koncern Naftowy Orlen SA(b)		444,604
	10,688	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		90,450
	6,488	Sygnity SA(b)		27,103
	363,944	Synthos SA(b)		155,274
	27,465	TVN SA		129,805
	7,830	Vistula Group SA(b)		5,853
	136	Zaklad Przetworstwa Hutniczego Stalprodukt SA		22,346
	1,517	Zaklady Azotowe Pulawy SA		40,533
	7,032	Zaklady Azotowe W Tarnowie-Moscicach SA		35,306
	2,268	Zaklady Tluszczowe Kruszwica		49,340
				5,993,575
PORTUGAL — 0.2%
	8,360	Altri SGPS SA(b)		48,467
	102,504	Banco BPI SA		285,410
	1,081,127	Banco Comercial Portugues SA		1,168,124
	164,214	Banco Espirito Santo SA		955,671
	66,529	BANIF SGPS SA		114,770
	55,072	Brisa Auto-Estradas de Portugal SA		522,696
	46,853	Cimpor Cimentos de Portugal SGPS SA		394,844
	7,786	Corticeira Amorim SA(b)		10,331
	27,456	Finibanco Holding SGPS SA(b)		57,740
	27,299	Global Intelligent Technologies SGPS SA(b)		29,370
	10,315	Impresa SGPS(b)		22,374
	7,597	Inapa-Invest Particip Gesta(b)		6,924
	38,320	Jeronimo Martins SGPS SA		367,679
	19,947	Mota Engil SGPS SA		90,760
	1,206	Novabase SGPS SA(b)		6,979
	105,109	Portucel Empresa Produtora de Pasta e Papel SA		276,925
	27,910	REN - Redes Energeticas Nacionais SA		111,944
	19,000	SAG GEST-Solucoes Automovel Globais SGPS SA(b)		34,890
	15,456	Semapa - Sociedade de Investimento e Gestao		162,547
	235,754	Sonae		291,884

Shares			Value
PORTUGAL (continued)
	11,021	Sonae Capital SGPS SA(b)	$	11,250
	42,221	Sonae Industria SGPS SA(b)		144,894
	37,845	Sonaecom - SGPS SA(b)		95,496
	62,799	Teixeira Duarte - Engenharia Construcoes SA - Class C(b)		81,714
	27,441	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		155,563
				5,449,246
PUERTO RICO — 0.0%
	2,800	First Bancorp Puerto Rico.		6,384
	1,300	Oriental Financial Group, Inc.		14,794
	1,600	Triple-S Management Corp. - Class B(b)		26,544
				47,722
SINGAPORE — 0.3%
	366,000	Allgreen Properties Ltd.		302,620
	4,000	Ascendas India Trust		2,773
	20,000	Asia Food and Properties Ltd.(b)		7,400
	111,000	ASL Marine Holdings Ltd.		71,387
	1,000	Ban Joo & Co. Ltd.(b)		32
	112,000	Banyan Tree Holdings Ltd.(b)		55,790
	7,400	Bonvests Holdings Ltd.		4,939
	30,000	Bukit Sembawang Estates Ltd.		96,387
	28,000	Cerebos Pacific Ltd.		83,666
	35,000	CH Offshore Ltd.		16,184
	48,000	China Aviation Oil Singapore Corp. Ltd.		37,635
	29,000	China Merchants Holdings Pacific Ltd.		12,392
	133,000	Chip Eng Seng Corp. Ltd.		34,224
	177,000	Chuan Hup Holdings Ltd.(b)		40,654
	306,000	ComfortDelgro Corp. Ltd.		344,842
	137,000	Cosco Corp. Singapore Ltd.		121,614
	15,550	Creative Technology Ltd.		64,566
	34,000	CSE Global Ltd.		21,136
	47,000	Ezion Holdings Ltd.		23,743
	112,000	Ezra Holdings Ltd.		167,290
	102,000	Fraser and Neave Ltd.		299,966
	130,000	Gallant Venture Ltd.(b)		23,308
	70,000	Goodpack Ltd.		60,909
	3,000	GP Batteries International Ltd.		2,710
	38,000	Guocoland Ltd.		59,347
	99,000	Hi-P International Ltd.		48,327
	102,000	Ho Bee Investment Ltd.		118,476
	201,000	Hong Fok Corp. Ltd.(b)		92,142
	63,000	Hong Leong Asia Ltd.		162,400
	112,600	Hotel Properties Ltd.		163,264
	126,000	HTL International Holdings Ltd.		39,270
	65,000	HupSteel Ltd.		12,087
	56,000	Hwa Hong Corp. Ltd.		21,961
	49,000	Hyflux Ltd.		114,575
	94,000	Indofood Agri Resources Ltd.(b)		135,214

43

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	93,000	Jaya Holdings Ltd.	$	39,665
	267,000	Jiutian Chemical Group Ltd.(b)		29,873
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		1,652
	257,000	K1 Ventures Ltd.		29,117
	190,000	Keppel Land Ltd.		439,516
	25,000	Keppel Telecommunications & Transportation Ltd.		24,613
	86,400	Kim Eng Holdings Ltd.		121,924
	80,000	KS Energy Services Ltd.		72,438
	15,000	Lion Asiapac Ltd.		3,853
	154,000	Low Keng Huat Singapore Ltd.		52,784
	228,000	MediaRing Ltd.(b)		35,330
	149,000	Metro Holdings Ltd.		82,083
	87,000	Midas Holdings Ltd.		61,406
	66,000	MobileOne Ltd.		96,951
	32,000	NSL Ltd.		31,295
	155,000	Oceanus Group Ltd.(b)		39,347
	175,000	Olam International Ltd.		295,207
	82,000	Orchard Parade Holdings Ltd.(b)		61,642
	12,000	Overseas Union Enterprise Ltd.(b)		76,384
	24,000	Pan Pacific Hotels Group Ltd.		25,754
	200,320	Parkway Holdings Ltd.(b)		381,107
	45,000	Petra Foods Ltd.		31,940
	21,000	PSC Corp. Ltd.(b)		3,972
	73,000	QAF Ltd.		27,967
	145,627	Raffles Education Corp. Ltd.		41,088
	56,000	Raffles Medical Group Ltd.		54,775
	121,000	Rotary Engineering Ltd.		83,929
	43,000	SBS Transit Ltd.		52,795
	47,142	SC Global Developments Ltd.(b)		56,644
	58,000	Singapore Land Ltd.		263,540
	267,000	Singapore Post Ltd.		191,382
	182,000	Singapore Reinsurance Corp. Ltd.		32,645
	97,000	Sinomem Technology Ltd.(b)		35,216
	133,000	SMRT Corp. Ltd.		179,484
	425,000	Stamford Land Corp. Ltd.		122,833
	75,000	StarHub Ltd.		115,490
	56,000	Straits Asia Resources Ltd.		85,251
	78,000	Super Coffeemix Manufacturing Ltd.		35,265
	114,000	Swiber Holdings Ltd.(b)		83,193
	93,000	Tat Hong Holdings Ltd.		64,822
	15,000	Tiong Woon Corp. Holding Ltd.		5,766
	65,000	United Engineers Ltd.		89,037
	420,000	United Industrial Corp. Ltd.		579,011
	94,000	UOB-Kay Hian Holdings Ltd.		102,623
	230,000	UOL Group Ltd.		609,508
	66,000	Venture Corp. Ltd.		395,702
	20,000	WBL Corp. Ltd.		71,909
	112,000	Wheelock Properties (S) Ltd.		153,920
	217,000	Wing Tai Holdings Ltd.		301,742

Shares			Value
SINGAPORE (continued)
	330,000	Yangzijiang Shipbuilding Holdings Ltd.	$	246,852
	86,000	Yanlord Land Group Ltd.		106,471
	193,000	Yongnam Holdings Ltd.		33,329
				9,123,272
SOUTH AFRICA — 0.6%
	30,038	Adcock Ingram Holdings Ltd.		210,923
	8,486	Adcorp Holdings Ltd.		28,822
	42,455	Advtech Ltd.		28,796
	32,497	Aeci Ltd.		254,150
	164,755	Afgri Ltd.		128,289
	292,923	African Bank Investments Ltd.		1,131,214
	43,741	African Oxygen Ltd.		128,930
	44,678	African Rainbow Minerals Ltd.		976,489
	13,164	Allied Electronics Corp. Ltd.		49,341
	21,133	Allied Technologies Ltd.		212,813
	18,232	Argent Industrial Ltd.		20,689
	33,764	Aspen Pharmacare Holdings Ltd.(b)		297,464
	10,760	Astral Foods Ltd.		140,583
	151,480	Aveng Ltd.		702,382
	128,958	AVI Ltd.		357,549
	26,384	Avuza Ltd.		62,193
	68,321	Barloworld Ltd.		403,138
	6,892	Bell Equipment Ltd.(b)		8,627
	57,968	Caxton and CTP Publishers and Printers Ltd.		108,217
	2,787	Ceramic Industries Ltd.		40,093
	66,781	Cipla Medpro South Africa Ltd.(b)		46,249
	7,765	City Lodge Hotels Ltd.		81,660
	60,117	Clicks Group Ltd.		209,178
	64,357	DataTec Ltd.		240,641
	74,687	Discovery Holdings Ltd.		303,470
	12,341	Distell Group Ltd.		106,628
	18,365	Distribution and Warehousing Network Ltd.(b)		17,532
	57,380	DRDGOLD Ltd.		31,981
	47,730	Exxaro Resources Ltd.		660,203
	16,250	First Uranium Corp.(b)		29,483
	52,648	Foschini Ltd.		386,323
	35,515	Gold Reef Resorts Ltd.		89,358
	104,900	Grindrod Ltd.		206,177
	15,617	Group Five Ltd.		65,339
	4,521	Highveld Steel and Vanadium Corp. Ltd.(b)		36,568
	11,337	Hudaco Industries Ltd.		96,581
	13,781	Hulamin Ltd.		23,456
	37,047	Iliad Africa Ltd.		40,903
	68,858	Illovo Sugar Ltd.		301,991
	80,368	Imperial Holdings Ltd.		824,960
	39,249	Investec Ltd.		277,476
	60,659	JD Group Ltd.		346,550
	20,387	JSE Ltd.		150,621
	35,342	Lewis Group Ltd.		241,287

44

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	43,868	Liberty Holdings Ltd.	$	383,047
	28,971	Massmart Holdings Ltd.		332,708
	96,288	Medi-Clinic Corp. Ltd.		309,215
	206,251	Merafe Resources Ltd.(b)		34,781
	30,264	Metair Investments Ltd.(b)		21,023
	64,951	Metorex Ltd.(b)		38,380
	160,419	Metropolitan Holdings Ltd.		278,868
	45,735	Mondi Ltd.		268,755
	38,782	Mr. Price Group Ltd.		178,483
	39,257	Murray & Roberts Holdings Ltd.		202,148
	116,025	Mvelaphanda Group Ltd.(b)		113,894
	220,033	Nampak Ltd.		452,325
	197,582	Netcare Ltd.(b)		336,927
	41,870	Northam Platinum Ltd.		270,240
	15,290	Omnia Holdings Ltd.(b)		120,244
	6,182	Palabora Mining Co. Ltd.		87,196
	54,939	Peregrine Holdings Ltd.		75,401
	34,944	Pick’n Pay Stores Ltd.		181,967
	71,872	Pretoria Portland Cement Co. Ltd.		315,043
	12,814	PSG Group Ltd.		37,649
	26,755	Raubex Group Ltd.		79,191
	42,088	Reunert Ltd.		310,854
	10,734	Santam Ltd.		141,793
	141,566	Sappi Ltd.(b)		601,791
	74,247	Sentula Mining Ltd.(b)		26,998
	245,651	Simmer & Jack Mines Ltd.(b)		57,864
	38,542	Spar Group Ltd. (The)		356,150
	539,563	Steinhoff International Holdings Ltd.(b)		1,357,918
	19,861	Sun International Ltd.(b)		240,868
	25,476	Tiger Brands Ltd.		589,513
	13,161	Tongaat Hulett Ltd.		171,287
	24,146	Trencor Ltd.		82,853
	62,145	Truworths International Ltd.		343,425
	14,868	Wesizwe(b)		4,464
	9,523	Wilson Bayly Holmes-Ovcon Ltd.		122,018
	191,832	Woolworths Holdings Ltd.		458,267
				19,088,865
SOUTH KOREA — 0.5%
	148	Amorepacific Corp.(b)		103,143
	980	Asia Cement Co. Ltd.(b)		45,532
	28,250	Asiana Airlines(b)		89,244
	1,050	Binggrae Co. Ltd.(b)		42,347
	3,031	Bukwang Pharmaceutical Co. Ltd.		35,893
	31,890	Busan Bank(b)		311,729
	7,435	Cheil Industries, Inc.		356,496
	460	Cheil Worldwide, Inc.		104,302
	45,140	Chin Hung International, Inc.(b)		31,346
	2,580	Chong Kun Dang Pharm Corp.(b)		44,832
	950	CJ CheilJedang Corp.(b)		170,522

Shares			Value
SOUTH KOREA (continued)
	2,890	CJ Corp.(b)	$	166,425
	489	Dae Han Flour Mills Co. Ltd.(b)		53,900
	4,980	Daeduck Electronics Co.(b)		25,920
	4,020	Daeduck GDS Co. Ltd.(b)		33,501
	25,230	Daegu Bank		321,468
	3,810	Daegu Department Store		38,960
	3,500	Daehan Steel Co. Ltd.(b)		39,972
	10,000	Daekyo Co. Ltd.		48,133
	5,760	Daelim Industrial Co. Ltd.(b)		378,726
	32,360	Daewoo Engineering & Construction Co. Ltd.(b)		329,953
	2,472	Daewoo International Corp.(b)		74,426
	5,379	Daewoo Motor Sales Corp.(b)		33,072
	10,430	Daewoo Securities Co. Ltd.		172,360
	610	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		9,425
	957	Daewoong Pharmaceutical Co. Ltd.		41,062
	11,810	Daishin Securities Co. Ltd.		154,377
	2,770	Daou Technology, Inc.(b)		17,725
	650	Dong-A Pharmaceutical Co. Ltd.(b)		64,810
	7,266	Dongbu HiTek Co. Ltd.(b)		37,830
	1,740	Dongbu Insurance Co. Ltd.		50,022
	7,640	Dongbu Securities Co. Ltd.(b)		40,482
	5,450	Dongbu Steel Co. Ltd.(b)		43,167
	7,782	Dongkuk Steel Mill Co. Ltd.		153,263
	5,940	Dongwha Pharm Co. Ltd.		29,648
	31,570	Dongwon Systems Corp.(b)		42,655
	10,510	Dongyang Mechatronics Corp.		46,023
	425	Doosan Corp.		37,275
	8,200	Doosan Engineering & Construction Co. Ltd.(b)		46,861
	4,080	Doosan Infracore Co. Ltd.(b)		60,862
	61,250	Eugene Investment & Securities Co. Ltd.(b)		45,981
	1,880	Fursys, Inc.(b)		44,438
	1,215	Glovis Co. Ltd.(b)		100,434
	3,255	GS Engineering & Construction Corp.(b)		248,042
	10,300	GS Holdings Corp.(b)		305,600
	8,870	Halla Climate Control(b)		90,266
	1,700	Halla Engineering & Construction(b)		38,542
	6,760	Han Kuk Carbon Co. Ltd.		36,650
	4,620	Handsome Co. Ltd.(b)		56,748
	1,376	Hanil Cement Co. Ltd.(b)		86,169
	6,862	Hanjin Heavy Industries & Construction Co. Ltd.(b)		126,676
	4,360	Hanjin Heavy Industries & Construction Holdings Co. Ltd.(b)		42,233
	11,443	Hanjin Shipping Co. Ltd.(b)		232,455
	2,206	Hanjin Shipping Holding Co. Ltd.(b)		28,921
	2,010	Hanjin Transportation Co. Ltd.(b)		59,978

45

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	8,200	Hankook Tire Co. Ltd.	$	157,239
	960	Hankuk Glass Industries, Inc.(b)		17,630
	1,720	Hankuk Paper Manufacturing Co. Ltd.(b)		44,683
	916	Hanmi Pharm Co. Ltd.(b)		90,921
	4,500	Hansol Paper Co.(b)		37,606
	18,805	Hanwha Chemical Corp.(b)		234,982
	3,300	Hanwha Corp.(b)		132,253
	5,420	Hanwha Securities Co.		40,895
	1,420	Hite Holdings Co. Ltd.(b)		27,643
	3,566	HMC Investment Securities Co. Ltd.(b)		62,021
	3,129	Honam Petrochemical Corp.(b)		301,899
	5,940	Hotel Shilla Co. Ltd.		101,243
	3,380	Hyosung Corp.(b)		235,218
	2,323	Hyundai Department Store Co. Ltd.(b)		202,464
	5,130	Hyundai Development Co.(b)		158,269
	790	Hyundai Elevator Co. Ltd.(b)		36,021
	1,359	Hyundai H&S Co. Ltd.(b)		81,849
	6,580	Hyundai Hysco(b)		89,321
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		130,278
	5,350	Hyundai Merchant Marine Co. Ltd.(b)		132,914
	2,275	Hyundai Mipo Dockyard		212,014
	27,401	Hyundai Securities Co.		321,454
	1,370	Ilyang Pharmaceutical Co. Ltd.(b)		29,423
	2,890	ISU Chemical Co. Ltd.(b)		30,165
	9,318	Jeonbuk Bank		56,810
	8,890	Kangwon Land, Inc.(b)		120,916
	9,929	KC Tech Co. Ltd.(b)		39,431
	957	KCC Corp.		280,210
	3,190	Keangnam Enterprises Ltd.(b)		25,892
	36,490	KIA Motors Corp.(b)		608,387
	960	Kisco Corp.(b)		36,686
	584	KISCO Holdings Co. Ltd.(b)		31,903
	2,054	KISWIRE Ltd.(b)		61,971
	6,620	Kolon Engineering & Construction Co. Ltd.(b)		32,470
	1,560	Kolon Industries, Inc.(c)		57,740
	1,696	Korea Express Co. Ltd.(b)		78,506
	1,780	Korea Gas Corp.(b)		79,255
	8,120	Korea Investment Holdings Co. Ltd.		213,731
	2,220	Korea Kumho Petrochemical Co.(b)		36,236
	1,018	Korea Line Corp.(b)		35,837
	1,030	Korea Petrochemical Industries Co. Ltd.(b)		34,938
	1,415	Korea Zinc Co. Ltd.(b)		206,162
	7,440	Korean Airlines Co. Ltd.(b)		359,933
	9,331	Korean Reinsurance Co.		80,977
	7,730	KP Chemical Corp.(b)		51,691
	12,980	KTB Securities Co. Ltd.(b)		40,901

Shares			Value
SOUTH KOREA (continued)
	3,940	Kumho Industrial Co. Ltd.(b)	$	15,625
	9,090	Kumho Tire Co., Inc.(b)		25,110
	13,440	Kwang Dong Pharmaceutical Co. Ltd.(b)		31,149
	2,130	Kyeryong Construction Industrial Co. Ltd.		35,683
	5,240	Kyobo Securities Co.		44,929
	305	Kyungbang Ltd.(b)		30,779
	3,130	LG Fashion Corp.(b)		70,224
	431	LG Household & Health Care Ltd.		105,226
	4,149	LG International Corp.		96,166
	1,050	LG Life Sciences Ltd.(b)		47,588
	1,050	LG Telecom Ltd.(b)		8,111
	6,640	LIG Insurance Co. Ltd.		116,993
	198	Lotte Chilsung Beverage Co. Ltd.(b)		141,030
	154	Lotte Confectionary Co. Ltd.(b)		163,356
	6,810	Lotte Midopa Co. Ltd.(b)		65,448
	309	Lotte Samkang Co. Ltd.(b)		63,329
	1,464	LS Corp.(b)		120,069
	2,270	LS Industrial Systems Co. Ltd.(b)		163,447
	21,722	Macquarie Korea Infrastructure Fund		89,305
	8,990	Meritz Fire & Marine Insurance Co. Ltd.(b)		56,989
	46,150	Meritz Securities Co. Ltd.		47,687
	1,940	Mirae Asset Securities Co. Ltd.		96,730
	9,680	Moorim P&P Co. Ltd.(b)		47,052
	8,590	Motonic Corp.(b)		54,791
	2,200	Namhae Chemical Corp.(b)		34,719
	4,660	Namkwang Engineering & Construction(b)		28,364
	90	Namyang Dairy Products Co. Ltd.(b)		37,646
	900	NCSoft Corp.(b)		100,125
	6,140	NH Investment & Securities Co. Ltd.		52,602
	523	Nong Shim Co. Ltd.		102,544
	620	Nong Shim Holdings Co. Ltd.(b)		34,893
	19,780	ON*Media Corp.(b)		58,791
	310	Orion Corp.(b)		68,573
	361	Ottogi Corp.		41,217
	638	Pacific Corp.(b)		72,363
	2,786	Poongsan Corp.(b)		47,485
	523	Poongsan Holdings Corp.(b)		8,713
	2,380	Pusan City Gas Co. Ltd.(b)		41,327
	7,060	RNL Bio Co. Ltd.(b)		27,313
	2,180	S&T Daewoo Co. Ltd.(b)		48,701
	3,070	S&T Dynamics Co. Ltd.		36,472
	1,761	S1 Corp. Korea		70,609
	4,340	Sam Young Electronics Co. Ltd.(b)		38,149
	480	Samchully Co. Ltd.(b)		47,606

46

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	3,140	Samsung Electro-Mechanics Co. Ltd.	$	262,507
	1,705	Samsung Engineering Co. Ltd.		165,656
	2,470	Samsung Fine Chemicals Co. Ltd.		100,892
	7,082	Samsung SDI Co. Ltd.		826,103
	1,170	Samsung Securities Co. Ltd.		63,490
	1,990	Samsung Techwin Co. Ltd.		129,569
	1,009	Samyang Corp.(b)		34,451
	647	Samyang Genex Co. Ltd.(b)		35,232
	3,540	Seah Besteel Corp.(b)		45,536
	1,170	SeAH Steel Corp.(b)		35,047
	3,260	Sebang Co. Ltd.(b)		35,232
	1,320	Shinyoung Securities Co. Ltd.		40,420
	890	Sindo Ricoh Co. Ltd.(b)		41,367
	1,200	SK Chemicals Co. Ltd.		55,542
	370	SK Gas Co. Ltd.		14,453
	441	SK Holdings Co. Ltd.		31,569
	4,930	SK Networks Co. Ltd.		43,886
	26,950	SK Securities Co. Ltd.		55,253
	4,200	SKC Co. Ltd.		60,520
	3,995	Ssangyong Cement Industrial Co. Ltd.(b)		26,917
	3,714	STX Corp. Co. Ltd(b)		52,662
	1,780	STX Engine Co. Ltd.(b)		27,412
	10,230	STX Offshore & Shipbuilding Co. Ltd.(b)		102,466
	11,970	STX Pan Ocean Co. Ltd(b)		121,038
	2,230	Sungshin Cement Co. Ltd.(b)		16,032
	70	Taekwang Industrial Co. Ltd.		41,171
	18,720	Taeyoung Engineering & Construction(b)		77,827
	4,070	Taihan Electric Wire Co. Ltd.(b)		57,430
	9,558	Tong Yang Securities, Inc.		87,982
	1,220	Union Steel(b)		20,089
	59,400	Woongjin Chemical Co. Ltd.(b)		53,051
	4,740	Woongjin Coway Co. Ltd.(b)		145,507
	7,290	Woongjin Holdings Co. Ltd.(b)		60,548
	2,440	Woongjin Thinkbig Co. Ltd.(b)		50,556
	16,490	Woori Investment & Securities Co. Ltd.		214,790
	119	Young Poong Corp.(b)		50,016
	4,952	Youngone Corp.(b)		41,864
	1,238	Youngone Holdings Co. Ltd.(b)		35,946
	1,056	Yuhan Corp.(b)		154,309
				17,199,176
SPAIN — 0.6%
	10,805	Abengoa SA		326,596
	641	Acciona SA		77,263
	54,354	Acerinox SA		1,022,778
	2,161	Adolfo Dominguez SA		32,287
	26,607	Afirma Grupo Inmobiliario SA(b)		11,274
	22,385	Almirall SA		295,255
	10,041	Amper SA		83,072

Shares			Value
SPAIN (continued)
	12,564	Antena 3 de Television SA	$	133,372
	73,052	Avanzit SA(b)		74,819
	4,696	Azkoyen SA(b)		18,050
	344,731	Banco de Sabadell SA		1,837,486
	43,528	Banco de Valencia SA		330,409
	26,089	Banco Espanol de Credito SA		302,044
	35,099	Banco Guipuzcoano SA		276,662
	59,653	Banco Pastor SA		396,363
	93,494	Bankinter SA		834,588
	920	Baron de Ley(b)		43,338
	10,605	Bolsas y Mercados Espanoles		301,374
	1,221	Caja de Ahorros del Mediterraneo		9,753
	12,725	Campofrio Food SA(b)		114,114
	4,037	Cementos Portland Valderrivas SA		115,869
	2,980	Cie Automotive SA(b)		13,468
	132,906	Cintra Concesiones de Infraestructuras de Transporte SA		1,386,348
	1,300	Codere SA(b)		12,557
	395	Construcciones y Auxiliar de Ferrocarriles SA		224,533
	1,608	Corp. Dermoestetica(b)		7,007
	7,290	Duro Felguera SA		71,054
	35,741	Ebro Puleva SA		709,802
	7,151	Elecnor SA		113,002
	62,434	Enagas		1,294,185
	30,728	Ercros SA(b)		59,802
	17,487	FAES FARMA SA		88,266
	5,898	Fluidra SA		26,228
	15,391	Fomento de Construcciones y Contratas SA		592,109
	55,058	Gamesa Corp. Tecnologica SA		799,094
	6,672	General de Alquiler de Maquinaria(b)		41,380
	19,858	Gestevision Telecinco SA		283,155
	18,647	Grifols SA		284,247
	16,708	Grupo Catalana Occidente SA		383,082
	40,377	Grupo Empresarial Ence SA(b)		164,255
	13,232	Grupo Tavex SA(b)		12,204
	170,914	Iberia Lineas Aereas de Espana(b)		518,967
	1,200	Iberpapel Gestion SA		17,485
	19,320	Indra Sistemas SA		419,360
	107,992	La Seda de Barcelona SA - Class B(b)(d)		50,686
	2,218	Mecalux SA(b)		40,923
	2,110	Miquel y Costas		42,341
	44,377	Natraceutical SA(b)		30,465
	28,530	NH Hoteles SA(b)		140,778
	17,454	Obrascon Huarte Lain SA		413,579
	11,731	Papeles y Cartones de Europa SA(b)		61,547
	3,751	Pescanova SA		118,195
	36,361	Promotora de Informaciones SA(b)		197,423

47

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SPAIN (continued)
	5,465	Prosegur Cia de Seguridad SA	$	247,491
	43,510	Realia Business SA(b)		102,122
	18,101	Red Electrica Corp. SA		907,463
	5,392	Renta Corp. Real Estate SA(b)		25,481
	36,616	Sacyr Vallehermoso SA(b)		381,096
	5,576	Service Point Solutions - Placement Shares(c)		7,538
	37,541	Service Point Solutions SA(b)		50,463
	37,295	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		79,117
	19,635	Sol Melia SA		161,115
	15,567	Solaria Energia y Medio Ambiente SA(b)		55,883
	12,812	SOS Cuetara SA(b)		45,517
	3,082	Tecnicas Reunidas SA		165,813
	11,644	Telecomunicaciones y Energia(b)		44,418
	51,164	Tubacex SA		200,144
	45,115	Tubos Reunidos SA		141,690
	1,465	Unipapel SA		23,467
	1,457	Vertice Trescientos Sesenta Grados(b)		748
	6,372	Vidrala SA		173,865
	13,066	Viscofan SA		339,651
	11,099	Vocento SA(b)		67,867
	14,915	Zardoya Otis SA		276,817
	38,050	Zeltia SA(b)		224,831
				18,976,890
SWEDEN — 0.4%
	7,721	AarhusKarlshamn AB		176,652
	18,530	Acando AB		34,722
	5,687	Active Biotech AB(b)		80,895
	2,200	AddTech AB - Class B		34,268
	4,388	AF AB - Class B		115,692
	1,635	Avanza Bank Holding AB		40,614
	4,250	Axfood AB		122,887
	5,000	Axis Communications AB		68,616
	8,158	B&B Tools AB - Class B		112,363
	9,626	BE Group AB		58,896
	470	Beijer AB G&L - Class B		11,079
	2,900	Beijer Alma AB		38,404
	5,200	Bilia AB - Class A(b)		50,883
	34,214	Billerud AB(b)		233,234
	2,745	BioGaia AB - Class B		32,651
	14,035	Biotage AB		14,069
	11,100	Biovitrum AB(b)		47,390
	135,056	Boliden AB		1,804,925
	20,352	Bure Equity AB		74,048
	4,900	Cardo AB		149,143
	2,600	Catena AB		33,759
	4,550	Clas Ohlson AB - Class B		90,494
	17,928	Concordia Maritime AB - Class B		52,993
	11,500	D Carnegie AB(b)(c)(d)		0

Shares			Value
SWEDEN (continued)
	1,374	Duni AB	$	10,978
	8,961	East Capital Explorer AB(b)		84,076
	19,800	Elekta AB - Class B		464,497
	3,250	Enea AB(b)		19,361
	56,403	Eniro AB(b)		276,516
	34,317	Getinge AB - Class B		734,606
	18,000	Gunnebo AB(b)		71,443
	16,108	Hakon Invest AB		257,603
	19,054	Haldex AB(b)		110,431
	61,599	Hexagon AB - Class B		829,436
	1,065	Hexpol AB(b)		10,416
	8,000	HIQ International AB(b)		35,017
	7,672	Hoganas AB - Class B		163,254
	24,403	Holmen AB - Class B		584,193
	12,875	Husqvarna AB - Class A(b)		81,998
	104,097	Husqvarna AB - Class B(b)		708,334
	9,667	Industrial & Financial Systems - Class B		90,996
	2,800	Indutrade AB		56,224
	10,200	Intrum Justitia AB		124,178
	27,734	JM AB(b)		402,120
	8,298	KappAhl Holding AB		80,863
	1,291	Know It AB		10,644
	14,118	Lindab International AB		150,193
	11,359	Loomis AB - Class B		132,309
	83,029	Lundin Petroleum AB(b)		630,952
	76,330	Meda AB - Class A		745,512
	2,363	Medivir AB - Class B(b)		32,771
	775	Mekonomen AB		15,050
	32,252	Micronic Laser Systems AB(b)		62,951
	12,149	Modern Times Group AB - Class B		557,130
	11,250	Munters AB(b)		78,958
	23,963	NCC AB - Class B		356,905
	83,059	Net Insight AB - Class B(b)		53,770
	26,972	New Wave Group AB - Class B		121,080
	11,000	Nibe Industrier AB - Class B		108,116
	54,289	Nobia AB(b)		307,095
	6,907	Nolato AB - Class B		57,797
	2,653	Nordnet AB		9,226
	1,595	ORC Software AB		32,289
	61,001	PA Resources AB(b)		218,768
	45,481	Peab AB		261,316
	336,078	Pricer AB - Class B(b)		25,352
	17,871	Proffice AB - Class B(b)		58,052
	10,400	Q-Med AB(b)		77,588
	38,670	Ratos AB - Class B		1,068,819
	3,580	Rederi AB Transatlantic		12,994
	18,694	Rezidor Hotel Group AB(b)		66,654
	66,764	RNB Retail and Brands AB(b)		100,748
	132,096	Rottneros AB(b)		11,906
	4,081	Saab AB - Class B		65,534
	294,415	SAS AB(b)		143,156
	5,345	Seco Tools AB - Class B		64,412
	15,531	Securitas AB - Class B		150,421
	5,200	SkiStar AB		88,423

48

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SWEDEN (continued)
	1,764	Studsvik AB	$	17,052
	6,500	Sweco AB - Class B		52,694
	625	TradeDoubler AB(b)		4,437
	55,800	Trelleborg AB - Class B(b)		382,707
				15,008,998
SWITZERLAND — 1.1%
	432	Acino Holding AG		69,452
	9,550	Actelion Ltd.(b)		505,262
	33,553	Adecco SA		1,807,864
	1,057	Advanced Digital Broadcast Holdings SA(b)		49,904
	275	Affichage Holding AG		28,325
	261	AFG Arbonia-Forster Holding(b)		5,999
	778	Allreal Holding AG		90,112
	934	Also Holding AG(b)		36,034
	19,658	Aryzta AG		776,422
	5,613	Ascom Holding AG(b)		55,569
	176	Bachem Holding AG - Class B		11,253
	13,673	Baloise Holding AG		1,133,630
	1,453	Bank Coop AG		96,581
	6,000	Bank Sarasin & Compagnie AG - Class B(b)		204,875
	234	Banque Cantonale de Geneve		49,592
	806	Banque Cantonale Vaudoise		325,694
	6	Banque Privee Edmond de Rothschild SA		148,117
	373	Barry Callebaut AG(b)		239,716
	1,515	Basilea Pharmaceutica(b)		101,098
	1,614	Basler Kantonalbank		184,881
	58	Belimo Holding AG		64,958
	27	Bell Holding AG		41,269
	966	Bellevue Group AG		31,602
	1,259	Berner Kantonalbank AG		279,045
	1,728	BKW FMB Energie AG		131,425
	3,431	Bobst Group AG(b)		124,119
	1,792	Bucher Industries AG		210,362
	323	Burckhardt Compression Holding AG		58,660
	90	Centralschweizerische Kraftwerke AG		28,650
	2,250	Charles Voegele Holding AG - Class A(b)		92,432
	80,593	Clariant AG(b)		884,540
	250	Coltene Holding AG		12,655
	56,958	Compagnie Financiere Richemont SA - Class A		1,929,218
	35	Conzzeta Holding AG		58,269
	402	Cytos Biotechnology AG(b)		5,283
	1,600	Daetwyler Holding AG		93,340
	597	Dufry Group(b)		38,764
	7,538	EFG International AG		108,067
	36	Elektrizitaets-Gesellschaft Laufenburg AG		29,615
	809	Emmi AG		99,118
	1,783	EMS-Chemie Holding AG		208,757

Shares			Value
SWITZERLAND (continued)
	3,730	Energiedienst Holding AG	$	212,026
	1,115	Flughafen Zuerich AG		314,941
	331	Forbo Holding AG(b)(c)		110,847
	944	Galenica AG		343,125
	3,937	Geberit AG		692,905
	1,437	Georg Fischer AG(b)		385,439
	1,145	Givaudan SA		933,363
	198	Gurit Holding AG		103,379
	1,403	Helvetia Holdings AG		437,099
	39,120	Holcim Ltd.(b)		2,678,772
	762	Implenia AG(b)		20,059
	23,084	Julius Baer Group Ltd.		767,363
	23,084	Julius Baer Holding AG		264,256
	483	Kaba Holding AG - Class B		120,903
	814	Kardex AG(b)		26,829
	200	Komax Holding AG		15,754
	10,619	Kudelski SA		265,388
	8,338	Kuehne & Nagel International AG		803,657
	798	Kuoni Reisen Holding		296,901
	11	Lindt & Spruengli AG		271,694
	9,109	Logitech International SA(b)		153,865
	7,349	Lonza Group AG		522,626
	800	Luzerner Kantonalbank AG		215,213
	4,180	Meyer Burger Technology AG(b)		105,381
	8,234	Micronas Semiconductor Holding(b)		32,103
	5,846	Mobilezone Holding AG		43,562
	965	Mobimo Holding AG(b)		163,747
	9,850	Nobel Biocare Holding AG		289,727
	554	OC Oerlikon Corp AG(b)		15,540
	333	Orell Fuessli Holding AG		43,977
	3,575	Panalpina Welttransport Holding AG		248,605
	508	Partners Group Holding AG		63,034
	26,783	Petroplus Holdings AG(b)		451,037
	124	Phoenix Mecano AG		53,655
	347	Precious Woods Holding AG(b)		11,280
	402	PubliGroupe SA(b)		43,347
	915	Rieter Holding AG(b)		243,498
	203	Romande Energie Holding SA		354,700
	3,357	Schindler Holding AG		251,140
	1,453	Schulthess Group		66,194
	200	Schweiter Technologies AG		100,135
	3,171	Schweizerishe National- Versicherungs- Gesellsschaft(b)		88,239
	451	SGS SA		579,899
	436	Siegfried Holding AG		37,668
	576	Sika AG		882,830
	4,650	Sonova Holding AG		575,529
	120	Sopracenerina STA Elettrica		26,830
	461	St. Galler Kantonalbank		212,837
	271,165	STMicroelectronics NV		2,220,648
	729	Straumann Holding AG		193,373

49

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	6,680	Sulzer AG	$	561,314
	8,414	Swatch Group AG(e)		2,199,507
	12,074	Swatch Group AG(e)		607,208
	6,922	Swiss Life Holding AG(b)		870,707
	32,384	Swiss Reinsurance.		1,399,956
	38,012	Swisslog Holding AG		35,055
	1,620	Swissquote Group Holding SA		81,764
	424	Tamedia AG		28,674
	2,779	Tecan Group AG		196,684
	10,048	Temenos Group AG(b)		267,497
	300	Valartis Group AG		9,662
	4,161	Valiant Holding AG		792,023
	885	Valora Holding AG		202,825
	78	Vaudoise Assurances Holding SA		13,847
	8,426	Vontobel Holding AG		239,828
	609	VZ Holding AG		45,789
	390	Walter Meier AG - Class A		40,572
	531	Ypsomed Holding AG(b)		35,155
	60	Zehnder Group AG		84,782
	20	Zuger Kantonalbank AG		84,321
				35,602,617
TAIWAN — 0.6%
	24,905	Ability Enterprise Co. Ltd.		43,728
	70,000	Accton Technology Corp.		30,858
	25,125	Advantech Co. Ltd.		50,663
	61,000	AGV Products Corp.(b)		21,575
	41,769	Altek Corp.		73,951
	44,000	Ambassador Hotel (The)		49,329
	143,272	AmTRAN Technology Co. Ltd.		142,236
	30,000	Asia Optical Co., Inc.		62,410
	61,000	Asia Polymer.		51,909
	82,080	Asia Vital Components Co. Ltd.		90,040
	27,270	Avermedia Technologies, Inc.		34,307
	59,280	Bank of Kaohsiung(b)		19,776
	21,030	Basso Industry Corp.		20,834
	422,350	BES Engineering Corp.		105,356
	137,000	Capital Securities Corp.(b)		70,557
	26,400	Catcher Technology Co. Ltd.		59,103
	138,000	Cathay No. 1 REIT		45,141
	8,000	Cathay No. 2 REIT		2,592
	189,000	Cathay Real Estate Development Co. Ltd.(b)		83,357
	283,000	Cheng Loong Corp.(b)		106,677
	58,748	Cheng Uei Precision Industry Co. Ltd.		119,657
	106,720	Chia Hsin Cement Corp(b)		52,421
	55,631	Chicony Electronics Co. Ltd.		136,828
	227,418	China Airlines(b)		75,953
	32,000	China Chemical & Pharmaceutical Co. Ltd.		18,926
	1,480,000	China Development Financial Holding Corp.(b)		409,379
	121,000	China General Plastics Corp.(b)		46,310

Shares			Value
TAIWAN (continued)
	109,786	China Life Insurance Co. Ltd.(b)	$	74,276
	217,505	China Manmade Fibers(b)		49,692
	38,220	China Metal Products		51,167
	176,000	China Motor Corp.(b)		101,414
	417,260	China Petrochemical Development Corp.(b)		155,294
	30,114	China Steel Chemical Corp.		78,064
	52,616	China Synthetic Rubber Corp.		50,752
	59,059	Chin-Poon Industrial Co.		46,036
	24,157	Chroma ATE, Inc.		47,109
	93,100	Chun Yuan Steel		36,691
	51,000	Chung Hsin Electric & Machinery Manufacturing Corp.		28,472
	82,441	Chung Hung Steel Corp.(b)		38,466
	55,000	Chung HWA Pulp Corp.		24,363
	1,983,000	Chunghwa Picture Tubes Ltd.(b)		241,583
	39,916	Clevo Co.(b)		72,242
	709,000	CMC Magnetics Corp.(b)		179,356
	24,150	Compal Communications, Inc.		26,555
	353,000	Compeq Manufacturing Co.(b)		101,029
	204,689	Continental Engineering Corp.		78,185
	13,900	Cosmos Bank Taiwan(b)		3,839
	77,838	CTCI Corp.		79,294
	32,460	CyberTAN Technology, Inc.		45,220
	16,000	Depo Auto Parts Ind. Co. Ltd.		38,365
	124,712	D-Link Corp.		130,322
	672,590	E.Sun Financial Holding Co. Ltd.(b)		251,119
	160,739	Eastern Media International(b)		36,771
	32,320	Elan Microelectronics Corp.		51,105
	24,570	Elite Semiconductor Memory Technology, Inc.		33,113
	166,789	Elitegroup Computer Systems		68,976
	29,080	Entie Commercial Bank(b)		7,424
	75,000	Epistar Corp.		236,297
	162,542	Eternal Chemical Co. Ltd.		156,833
	309,281	Eva Airways Corp.(b)		121,848
	99,000	Evergreen International Storage& Transport Corp.(b)		77,966
	112,000	Evergreen Marine Corp. Taiwan Ltd.(b)		64,642
	109,000	Everlight Chemical Industrial Corp.		91,100
	21,643	Everlight Electronics Co. Ltd.		66,202
	186,430	Far Eastern Department Stores Co. Ltd.		177,357
	378,293	Far Eastern International Bank(b)		120,487
	17,000	Farglory Land Development Co. Ltd.		35,911
	104,000	Federal Corp.(b)		79,267
	45,320	Feng Hsin Iron & Steel Co.		73,784
	42,599	Feng TAY Enterprise Co. Ltd.		36,830
	33,079	First Steamship Co. Ltd.		48,794

50

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	35,000	Forhouse Corp.(b)	$	36,811
	8,079	Formosa International Hotels Corp.		91,063
	170,000	Formosa Taffeta Co. Ltd.		123,962
	93,000	Formosan Rubber Group, Inc.		77,665
	5,000	Foxconn Technology Co. Ltd.		19,622
	73,800	FSP Technology, Inc.		90,219
	89,000	Fubon No 2 REIT		28,747
	32,760	Giant Manufacturing Co. Ltd.		87,941
	50,000	Giantplus Technology Co. Ltd.(b)		28,209
	179,500	Gigabyte Technology Co. Ltd.		170,683
	31,341	Gintech Energy Corp.(b)		77,752
	51,000	Globe Union Industrial Corp.		48,353
	163,770	Gold Circuit Electronics Ltd.		61,529
	205,769	Goldsun Development & Construction Co. Ltd.		86,108
	224,000	Grand Pacific Petrochemical(b)		113,561
	59,000	Great China Metal Industry		37,007
	66,000	Great Taipei Gas Co. Ltd.		36,314
	43,294	Great Wall Enterprise Co.		44,131
	57,060	Greatek Electonics, Inc.		53,566
	44,000	Hannstar Board Corp.		38,010
	872,000	HannStar Display Corp.(b)		196,621
	108,000	Hey Song Corp.		64,088
	88,485	Highwealth Construction Corp.		135,135
	107,610	Ho Tung Chemical Corp.(b)		54,616
	36,000	Holystone Enterprise Co. Ltd.		51,970
	21,000	Hotai Motor Co. Ltd.		45,821
	68,678	Hsin Kuang Steel Co. Ltd.		69,753
	201,000	HUA ENG Wire & Cable Co., Ltd.(b)		68,027
	2,000	Huaku Development Co. Ltd.		5,000
	4,000	Huang Hsiang Construction Co.(b)		7,017
	78,000	Hung Ching Development Co.		49,456
	37,743	Hung Poo Real Estate Development Corp.		53,708
	69,000	Hung Sheng Construction Co. Ltd.		41,500
	35,341	Ichia Technologies, Inc.(b)		19,602
	31,604	Inotera Memories, Inc.(b)		22,482
	371,800	Inventec Co. Ltd.		212,197
	8,000	ITE Technology, Inc.		14,835
	20,187	Johnson Health Tech Co. Ltd.		24,944
	79,516	Kenda Rubber Industrial Co. Ltd.		80,766
	149,000	Kindom Construction Co.		122,276
	292,184	King Yuan Electronics Co. Ltd.		137,212
	141,185	King’s Town Bank(b)		35,508
	244,343	Kinpo Electronics, Inc.(b)		72,286
	46,000	Kinsus Interconnect Technology Corp.		114,562
	128,000	Kuoyang Construction Co. Ltd.(b)		96,174
	254,000	Kwong Fong Industries(b)		78,224
	5,100	Largan Precision Co. Ltd.		66,247

Shares			Value
TAIWAN (continued)
	237,000	Lealea Enterprise Co. Ltd.(b).	$	59,760
	26,875	LEE Chang Yung Chemical Industries Corp.		31,294
	86,000	Li Peng Enterprise Co. Ltd.(b)		35,559
	129,111	Lien Hwa Industrial Corp.		60,598
	70,000	Lingsen Precision Industries Ltd.		32,020
	34,000	Lite-On Technology Corp.		43,106
	78,841	Long Bon Development Co. Ltd.(b)		43,312
	54,547	Long Chen Paper Co. Ltd.(b)		17,446
	429,385	Macronix International		238,809
	70,000	Masterlink Securities Corp.(b).		28,117
	117,000	Mercuries & Associates Ltd.(b)		56,233
	20,700	Merida Industry Co. Ltd.		31,179
	17,849	Merry Electronics Co. Ltd.		34,291
	86,000	Microelectronics Technology, Inc.		52,457
	211,404	Micro-Star International Co. Ltd.		130,899
	232,000	Mitac International		106,294
	77,000	Mitac Technology Corp.		61,705
	16,044	Nan Kang Rubber Tire Co. Ltd.(b)		22,357
	22,440	Nan Ya Printed Circuit Board Corp.		94,664
	217,872	Nanya Technology Corp.(b)		176,702
	81,000	Nien Hsing Textile Co. Ltd.		43,555
	87,360	Opto Technology Corp.		70,825
	62,473	Oriental Union Chemical Corp.		47,215
	90,000	Pan Jit International, Inc.		73,300
	38,031	Pan-International Industrial		61,948
	135,000	Phihong Technology Co. Ltd.		130,417
	26,260	Pihsiang Machinery Manufacturing Co. Ltd.		43,610
	179,000	Polaris Securities Co. Ltd.(b)		90,455
	173,250	POU Chen Corp.		129,982
	28,000	President Chain Store Corp.		64,319
	56,000	President Securities Corp.(b)		32,712
	179,026	Prince Housing Development Corp.(b)		84,958
	121,000	Prodisc Technology, Inc.(b)		2,396
	394,000	Qisda Corp.(b)		203,657
	128,203	Radium Life Tech Co. Ltd.(b)		106,291
	38,380	Realtek Semiconductor Corp.		104,586
	8,400	Richtek Technology Corp.		82,856
	680,398	Ritek Corp.(b)		172,293
	82,000	Ruentex Development Co. Ltd.		102,987
	99,000	Ruentex Industries Ltd.(b)		167,143
	142,497	Sampo Corp.(b)		24,189
	94,519	Sanyang Industrial Co. Ltd.(b)		35,666
	37,000	Sheng Yu Steel Co. Ltd.		25,941
	53,000	Shihlin Electric & Engineering Corp.		64,137
	32,000	Shihlin Paper Corp.(b)		70,814
	353,174	Shin Kong Financial Holding Co. Ltd.(b)		134,546

51

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	49,000	Shin Kong No.1 REIT	$	14,874
	8,000	Shin Zu Shing Co. Ltd.		32,357
	65,000	Shinkong Insurance Co. Ltd.(b)		41,593
	443,425	Shinkong Synthetic Fibers Corp.(b)		143,026
	79,000	Shinkong Textile Co. Ltd.(b)		90,784
	73,000	Sigurd Microelectronics Corp.		40,298
	108,701	Silicon Integrated Systems Corp.(b)		76,891
	61,000	Sinbon Electronics Co. Ltd.		39,070
	52,170	Sincere Navigation Corp.		64,254
	1,690,000	SinoPac Financial Holdings Co. Ltd.(b)		553,745
	80,118	Sintek Photronic Corp.(b)		57,535
	30,434	Sinyi Realty Co.		57,704
	24,069	Springsoft, Inc.		25,429
	43,000	Standard Foods Corp.		53,621
	22,058	Star Travel Taiwan Co. Ltd.(c)(d)		17,656
	130,399	Sunplus Technology Co. Ltd.(b)		121,912
	38,500	Sunrex Technology Corp.		40,788
	11,000	T JOIN Transportation Co.		7,204
	63,290	TA Chen Stainless Pipe Co. Ltd.(b)		46,468
	429,000	TA Chong Bank Co. Ltd.(b)		82,435
	80,000	Ta Ya Electric Wire & Cable(b)		19,929
	350,595	Taichung Commercial Bank		86,593
	339,000	Tainan Spinning Co. Ltd.(b)		126,154
	1,118,000	Taishin Financial Holding Co. Ltd.(b)(c)(d)		449,706
	480,000	Taiwan Business Bank(b)		123,819
	53,000	Taiwan Cogeneration Corp.		26,758
	2,000	Taiwan Fertilizer Co. Ltd.		6,510
	136,990	Taiwan Glass Industrial Corp.		113,894
	34,951	Taiwan Hon Chuan Enterprise Co. Ltd.		56,861
	75,428	Taiwan Life Insurance Co. Ltd.(b)		92,019
	73,000	Taiwan Mask Corp.		27,682
	71,544	Taiwan Navigation Co. Ltd.		90,916
	52,000	Taiwan Paiho Ltd.		39,794
	38,117	Taiwan Secom Co. Ltd.		61,072
	46,359	Taiwan Sogo Shin Kong Security Co. Ltd. Corp.(b)		31,800
	79,483	Taiwan Styrene Monomer		44,121
	47,880	Taiwan TEA Corp.(b)		27,087
	84,000	Taiyen Biotech Co. Ltd.(b)		49,806
	732,000	Tatung Co. Ltd.(b)		159,088
	364,000	Teco Electric and Machinery Co. Ltd.		146,690
	63,705	Test-Rite International Co.		34,992
	152,000	Ton Yi Industrial Corp.		55,384
	34,860	Tong Yang Industry Co. Ltd.		52,069
	40,000	Topco Scientific Co. Ltd.		52,475
	24,137	Transcend Information, Inc.		78,284
	16,000	Tripod Technology Corp.		54,654

Shares			Value
TAIWAN (continued)
	14,705	Tsann Kuen Enterprise Co. Ltd.	$	23,828
	84,135	TSRC Corp.		100,003
	65,315	Tung Ho Steel Enterprise Corp.		72,683
	30,000	TXC Corp.		48,886
	199,000	Tycoons Group Enterprise(b)		46,150
	26,000	U-Ming Marine Transport Corp.		49,475
	223,288	Unimicron Technology Corp.		270,122
	131,000	Union Bank of Taiwan(b)		24,156
	152,000	Unitech Printed Circuit Board Corp.(b)		53,678
	96,000	Universal Cement Corp.(b)		48,432
	247,783	Universal Scientific Industrial Co. Ltd.		160,150
	161,039	UPC Technology Corp.		83,029
	111,000	USI Corp.(b)		68,056
	52,000	Ve Wong Corp.		39,546
	33,349	Via Technologies, Inc.(b)		18,079
	727,000	Walsin Lihwa Corp.(b)		246,951
	62,526	Walsin Technology Corp.(b)		31,225
	99,000	Wan Hai Lines Ltd.(b)		49,473
	356,367	Waterland Financial Holdings(b)		112,631
	53,000	Wei Chuan Food Corp.(b)		56,517
	808,000	Winbond Electronics Corp.(b)		197,254
	132,000	Wintek Corp.(b)		102,183
	158,152	Wistron Corp.		298,578
	30,000	Wistron NeWeb Corp.		47,465
	54,000	WPG Holdings Co. Ltd.		83,371
	54,000	WT Microelectronics Co. Ltd.		39,606
	117,597	Ya Hsin Industrial Co. Ltd.(b)(c)(d)		0
	368,000	Yageo Corp.		127,575
	367,000	Yang Ming Marine Transport Corp.		131,563
	82,077	Yeun Chyang Industrial Co. Ltd.		63,936
	255,308	Yieh Phui Enterprise Co. Ltd.		97,421
	86,240	Yosun Industrial Corp.		81,879
	3,000	Young Fast Optoelectronics Co. Ltd.		29,688
	253,242	Yuen Foong Yu Paper Manufacturing Co. Ltd.(b)		97,657
	241,000	Yulon Motor Co. Ltd.		241,857
	26,000	Yulon Nissan Motor Co. Ltd.(b)		50,226
	35,000	Yung Shin Pharmaceutical Industrial Co. Ltd.		36,434
	71,000	Yungtay Engineering Co. Ltd.		51,510
	14,169	Zinwell Corp.		28,564
	30,416	Zyxel Communications Corp.		24,363
				19,606,366
THAILAND — 0.1%
	35,200	Airports of Thailand Public Co. Ltd.		41,045
	108,700	Amata Corp. Public Co. Ltd.		21,706
	344,900	Asian Property Development Public Co. Ltd.		50,252

52

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
THAILAND (continued)
	92,800	Bangchak Petroleum Public Co. Ltd.	$	39,459
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		53,898
	58,400	Bangkok Expressway Public Co. Ltd.		35,273
	8,600	Bangkok Insurance Public Co. Ltd.		62,075
	1,200,000	Bangkokland Public Co. Ltd.(b)		18,720
	91,200	BEC World Public Co. Ltd.		65,773
	19,000	Big C Supercenter Public Co. Ltd.		23,467
	1,158,900	CalComp Electronics Public Co. Ltd.		105,077
	226,100	Central Plaza Hotel Public Co. Ltd.		26,427
	190,700	CH Karnchang Public Co. Ltd.		29,933
	1,631,600	Charoen Pokphand Foods Public Co. Ltd.		565,248
	115,200	CP ALL Public Co. Ltd.		79,478
	217,000	Delta Electronics Thai Public Co. Ltd.		114,400
	79,700	Glow Energy Public Co. Ltd.		74,077
	84,200	Hana Microelectronics Public Co. Ltd.		53,074
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		40,502
	625,525	Home Product Center Public Co. Ltd.		77,637
	63,100	ICC International Public Co. Ltd.		74,135
	105,000	Indorama Polymers Public Co. Ltd.		28,626
	2,285,000	IRPC Public Co. Ltd.		297,921
	664,100	Italian-Thai Development Public Co. Ltd.(b)		54,816
	120,000	Khon Kaen Sugar Industry Public Co. Ltd.		51,774
	81,200	Kiatnakin Bank Public Co. Ltd.		58,747
	75,500	Kim Eng Securities Public Co. Ltd.		23,042
	452,800	Land & Houses Public Co. Ltd. -NVDR		73,651
	116,800	Major Cineplex Group Public Co. Ltd.		30,473
	28,700	MBK Public Co. Ltd.		62,176
	39,400	Padaeng Industry Public Co. Ltd. - NVDR		19,902
	205,100	Precious Shipping Public Co. Ltd.		115,427
	264,700	PTT Aromatics & Refining Public Co. Ltd.		194,559
	36,300	Ratchaburi Electricity Generating Holding Public Co. Ltd.		37,651
	92,700	Regional Container Lines Public Co. Ltd.(b)		26,698
Shares			Value
THAILAND (continued)
	153,900	Robinson Department Store Public Co. Ltd.	$	47,837
	115,300	Rojana Industrial Park Public Co. Ltd.		30,832
	36,000	Saha-Union Public Co. Ltd.		21,213
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.(b)		71,551
	298,800	Sansiri Public Co. Ltd.		39,246
	173,600	Siam City Bank Public Co. Ltd.		160,093
	10,600	Siam City Cement Public Co. Ltd.		70,482
	19,300	Siam Makro Public Co. Ltd.		50,552
	177,400	Sino Thai Engineering & Construction Public Co. Ltd.(b)		28,085
	1,330,700	Tata Steel Thailand Public Co. Ltd.(b)		72,132
	143,800	Thai Plastic & Chemical Public Co. Ltd.		77,886
	18,200	Thai Stanley Electric Public Co. Ltd.		62,262
	159,300	Thai Union Frozen Products Public Co. Ltd.		157,468
	126,700	Thaicom Public Co. Ltd.(b)		25,551
	244,900	Thanachart Capital Public Co. Ltd.		142,555
	155,760	Thoresen Thai Agencies Public Co. Ltd.		123,742
	89,300	Ticon Industrial Connection Public Co. Ltd.		23,503
	77,800	Tisco Financial Group Public Co. Ltd.		51,345
	4,947,400	TMB Bank Public Co. Ltd.(b)		188,281
	463,100	TPI Polene Public Co. Ltd.(b)		115,413
	333,000	True Corp. Public Co. Ltd.(b)		29,493
	256,900	Vinythai Public Co. Ltd.		50,557
				4,367,198
TURKEY — 0.2%
	0	Acibadem Saglik Hizmetleri ve Ticaret AS(b)		2
	11,722	Adana Cimento - Class A		41,475
	13,070	Akcansa Cimento AS		63,892
	5,197	Akenerji Elektrik Uretim AS		63,070
	36,249	Aksa Akrilik Kimya Sanayii(b)		60,825
	73,605	Aksigorta AS		90,869
	29,528	Alarko Holding AS		82,178
	38,219	Anadolu Cam Sanayii AS(b)		54,225
	25,952	Anadolu Hayat Emeklilik AS		84,798
	65,804	Anadolu Sigorta		65,653
	2,715	Arcelik AS(b)		10,733
	86,901	Asya Katilim Bankasi AS(b)		225,648
	37,318	Aygaz AS		162,701
	6,325	Bati Cimento(b)		29,701
	10,639	BIM Birlesik Magazalar AS		482,655
	38,050	Bolu Cimento Sanayii AS		49,601
	514	Brisa Bridgestone Sabanci		32,264

53

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
TURKEY (continued)
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS	$	57,587
	16,881	Bursa Cimento		61,785
	4,298	Celebi Hava Servisi		50,426
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		68,627
	19,705	Coca-Cola Icecek AS		162,784
	31,332	Deva Holding AS(b)		78,899
	362,916	Dogan Sirketler Grubu Holdings		264,648
	70,962	Dogan Yayin Holding(b)		71,923
	12,000	Dogus Otomotiv Servis ve Ticaret AS(b)		42,894
	90,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		170,262
	76,601	Eregli Demir Ve Celik Fabrikalari TAS(b)		241,322
	12,207	Ford Otomotiv Sanayi AS		85,634
	40,281	Global Yatirim Holding AS(b)		21,910
	2,500	Goodyear Lastikleri Turk AS		23,294
	52,702	Haci Omer Sabanci Holding AS(b)		227,110
	55,197	Hurriyet Gazetecilik AS(b)		69,699
	60,066	Ihlas Holding(b)		25,460
	18,976	Izmir Demir Celik Sanayi AS(b)		28,715
	75,964	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		41,851
	428	Kartonsan Karton Sanayi		30,448
	842	Konya Cimento Sanayii AS		53,763
	83,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)		150,600
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		61,994
	18,103	Mardin Cimento Sanayii		88,386
	1	Migros Turk TAS		12
	2,633	Nortel Networks Netas Telekomunikasyon AS		101,887
	5,026	Otokar Otobus Karoseri Sanayi AS		57,895
	23,144	Petkim Petrokimya Holding AS(b)		138,289
	7,882	Pinar SUT Mamulleri Sanayii		39,088
	11,864	Sarkuysan Elektrolitik Bakir(b)		23,742
	50,591	Sekerbank TAS(b)		86,673
	38,496	Selcuk Ecza Deposu Ticaret ve Sanayi AS		80,739
	18,260	TAT Konserve(b)		39,297
	10,000	TAV Havalimanlari Holding AS(b)		40,974
	72,944	Tekstil Bankasi AS(b)		53,363
	12,500	Tofas Turk Otomobil Fabrikasi AS		47,032
	110,957	Trakya Cam Sanayi AS(b)		149,536
	19,371	Tupras Turkiye Petrol Rafine		398,835
Shares			Value
TURKEY (continued)
	0	Turk Demir Dokum Fabrikalari(b)	$	2
	63,902	Turk Ekonomi Bankasi AS(b)		107,342
	78,645	Turk Hava Yollari AO		286,751
	162,597	Turk Sise ve Cam Fabrikalari AS(b)		210,124
	78,517	Turkiye Sinai Kalkinma Bankasi AS(b)		99,394
	124,100	Turkiye Vakiflar Bankasi Tao(b)		328,972
	33,758	Ulker Biskuvi Sanayi AS		87,158
	47,025	Vestel Elektonik Sanayi(b)		84,633
	15,401	Yapi Kredi Finansal Kiralama AO		38,886
	9,284	Yapi Kredi Sigorta AS		82,355
	42,319	Zorlu Enerji Elektrik Uretim AS(b)		91,621
				6,454,911
UNITED ARAB EMIRATES — 0.0%
	83,323	Dragon Oil Plc(b)		541,915
	32,434	Lamprell Plc		98,516
				640,431
UNITED KINGDOM — 4.0%
	5,277	888 Holdings Plc		9,165
	301,439	Aberdeen Asset Management Plc		593,219
	25,242	Admiral Group Plc		454,484
	19,217	AEA Technology Plc(b)		7,342
	167,711	Aegis Group Plc		319,057
	20,918	Aga Rangemaster Group Plc(b)		47,150
	63,284	Aggreko Plc		909,347
	195	Alterian Plc		459
	77,170	AMEC Plc		930,005
	181,365	Amlin Plc		1,122,049
	40,996	Anglo Pacific Group Plc		159,582
	111,165	Anite Plc		59,126
	196,439	Antisoma Plc		104,306
	47,570	Antofagasta Plc		660,320
	57,224	Arena Leisure Plc		24,868
	13,785	Ark Therapeutics Group Plc(b)		3,240
	234,867	ARM Holdings Plc		717,742
	71,935	Arriva Plc		557,243
	43,686	Ashmore Group Plc		155,538
	231,032	Ashtead Group Plc		314,002
	23,379	Atkins (WS) Plc		221,387
	32,343	Autonomy Corp. Plc		801,192
	10,641	Aveva Group Plc		184,951
	76,299	Avis Europe Plc		32,569
	7,640	Axis-Shield Plc		49,478
	47,470	Babcock International Group Plc		423,890
	121,028	Balfour Beatty Plc		514,155
	4,992	Barr (A.G.) Plc		62,963
	141,776	Barratt Developments Plc		269,111
	189,338	BBA Aviation Plc		496,219
	226,428	Beazley Plc		377,631

54

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	53,791	Bellway Plc	$	633,744
	31,857	Berkeley Group Holdings Plc(b)		404,864
	11,301	Bloomsbury Publishing Plc		24,213
	7,949	BlueBay Asset Management Plc		41,750
	85,944	Bodycote Plc		238,017
	20,611	Boot (Henry) Plc		32,757
	59,587	Bovis Homes Group Plc		376,637
	2,280	Braemar Shipping Services Plc		15,909
	1,216	Brammer Plc		2,563
	52,487	Brewin Dolphin Holdings Plc		115,184
	144,032	Brit Insurance Holdings Plc		426,954
	260,207	British Airways Plc		848,304
	113,442	British Land Co. Plc		787,163
	23,926	Britvic Plc		160,434
	43,750	BSS Group Plc		176,256
	38,823	BTG Plc		108,984
	66,483	Bunzl Plc		660,624
	91,462	Burberry Group Plc		892,807
	4,396	Business Post Group Plc		22,068
	766,133	Cable & Wireless Plc		1,732,246
	319,400	Cairn Energy Plc(b)		1,646,256
	61,273	Capita Group Plc (The)		705,168
	24,014	Care U.K. Plc		157,449
	154,383	Carillion Plc		733,772
	8,224	Carpetright Plc		119,899
	189,902	Carphone Warehouse Group Plc		576,256
	20,799	Centaur Media Plc		17,409
	7,437	Charles Stanley Group Plc		29,079
	5,241	Charles Taylor Consulting Plc		16,704
	65,079	Charter International Plc		719,697
	69,300	Chaucer Holdings Plc		50,379
	5,888	Chemring Group Plc		302,007
	35,339	Chesnara Plc		117,503
	8,296	Chime Communications Plc		27,398
	38,662	Chloride Group Plc		112,454
	4,522	Chrysalis Group Plc(b)		7,287
	25,051	Cineworld Group Plc		62,641
	4,407	Clarkson Plc		55,366
	53,807	Close Brothers Group Plc		591,284
	232,077	Cobham Plc		858,710
	85,522	Collins Stewart Plc		99,767
	162,667	Colt Telecom Group SA(b)		319,924
	27,294	Communisis Plc		5,653
	60,264	Computacenter Plc		284,923
	9,765	Connaught Plc		49,768
	4,293	Consort Medical Plc		25,079
	127,882	Cookson Group Plc(b)		866,892
	5,973	Corin Group Plc		5,858
	121,107	Costain Group Plc		48,356
	10,556	Cranswick Plc		123,925
	34,340	Croda International Plc		409,142
	69,543	CSR Plc(b)		496,601
	62,834	Daily Mail & General Trust Plc - Class A		450,191
Shares			Value
UNITED KINGDOM (continued)
	52,160	Dairy Crest Group Plc	$	280,847
	32,414	Dana Petroleum Plc(b)		537,769
	67,881	Davis Service Group Plc		436,523
	34,789	De La Rue Plc		537,274
	127,580	Debenhams Plc(b)		136,850
	5,612	Dechra Pharmaceuticals Plc		42,900
	65,282	Delta Plc		164,450
	12,309	Development Securities Plc		55,236
	51,874	Devro Plc		114,546
	6,246	Dignity Plc		62,263
	367,970	Dimension Data Holdings Plc(e)		452,211
	46,143	Diploma Plc		131,155
	21,990	Domino Printing Sciences Plc		113,374
	72,193	Drax Group Plc		472,326
	171,456	DS Smith Plc		297,865
	1,244,182	DSG International Plc		622,873
	4,924	Dunelm Group Plc		28,170
	13,810	eaga Plc		30,786
	86,389	easyJet Plc		536,521
	108,606	Electrocomponents Plc		306,127
	196,823	Elementis Plc		160,148
	162,870	Enterprise Inns Plc(b)		307,758
	14,750	Erinaceous Group Plc(b)(c)(d)		389
	13,905	Euromoney Institutional Investor Plc		104,121
	76,105	Evolution Group Plc		154,171
	219,254	F&C Asset Management Plc		242,840
	70,378	Fenner Plc		208,727
	2,340	Ferrexpo Plc		7,595
	4,749	Fidessa Group Plc		94,143
	65,866	Filtrona Plc		185,339
	11,172	Filtronic Plc		6,069
	20,335	Findel Plc		10,773
	117,373	Firstgroup Plc		688,043
	13,270	Forth Ports Plc		235,720
	312,657	Fortune Oil Plc		35,327
	8,125	French Connection Group Plc(b)		5,077
	4,872	Fuller Smith & Turner		40,421
	58,668	Future Plc		18,190
	279,054	G4S Plc		1,120,494
	145,122	Galiform Plc		204,432
	26,154	Galliford Try Plc		131,553
	119,368	Game Group Plc		175,187
	5,558	Games Workshop Group Plc		33,590
	26,874	Gem Diamonds Ltd.(b)		100,179
	18,964	Genus Plc		205,771
	764,379	GKN Plc(b)		1,396,128
	10,109	Go-Ahead Group Plc		217,385
	41,729	Great Portland Estates Plc		186,399
	75,819	Greene King Plc		536,709
	25,690	Greggs Plc		171,253
	26,494	Halfords Group Plc		160,139
	108,988	Halma Plc		404,902
	98,934	Hammerson Plc		594,405

55

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	47,783	Hampson Industries Plc	$	49,399
	4,000	Hansard Global Plc		10,866
	1,153	Hardy Oil & Gas Plc(b)		4,459
	6,039	Hardy Underwriting Bermuda Ltd.		27,333
	29,508	Hargreaves Lansdown Plc		137,050
	230,596	Hays Plc		405,323
	32,078	Headlam Group Plc		158,557
	37,784	Helical Bar Plc		188,415
	38,760	Helphire Plc		33,447
	148,870	Henderson Group Plc		288,454
	21,064	Heritage Oil Ltd.(b)		166,383
	47,848	Hikma Pharmaceuticals Plc		417,760
	19,720	Hill & Smith Holdings Plc		104,851
	100,708	HMV Group Plc		122,251
	11,931	Holidaybreak Plc		50,386
	127,613	Home Retail Group Plc		518,154
	17,525	Homeserve Plc		453,904
	43,818	Hunting Plc		378,123
	73,341	Huntsworth Plc		74,377
	3,867	Hyder Consulting Plc		12,350
	137,333	ICAP Plc		806,970
	65,926	IG Group Holdings Plc		423,657
	37,129	Imagination Technologies Group Plc		156,096
	76,689	IMI Plc		666,009
	1,567,598	Inchcape Plc(b)		665,389
	88,830	Informa Plc		465,493
	59,469	Inmarsat Plc		645,718
	1,500	Innospec, Inc.		14,625
	263,174	Innovation Group Plc		57,089
	26,862	Intec Telecom Systems Plc		50,898
	41,344	Intercontinental Hotels Group Plc		591,272
	137,895	Intermediate Capital Group Plc		587,830
	98,223	International Personal Finance Plc		343,698
	706,957	International Power Plc		3,609,307
	32,592	Interserve Plc		109,759
	28,289	Intertek Group Plc		544,444
	119,679	Invensys Plc		585,228
	168,949	Investec Plc		1,141,296
	65,743	IP Group Plc(b)		60,914
	34,860	ITE Group Plc		75,567
	1,090,131	ITV Plc(b)		977,563
	8,493	James Fisher & Sons Plc		62,159
	31,692	Jardine Lloyd Thompson Group Plc		236,850
	38,839	Jazztel Plc(b)		138,759
	76,361	JJB Sports Plc		25,716
	34,145	JKX Oil & Gas Plc		144,575
	10,464	John Menzies Plc		51,982
	147,668	John Wood Group Plc		797,461
	48,515	Johnson Matthey Plc		1,127,880
	168,731	Johnston Press Plc		73,614
	104,661	Kazakhmys Plc(b)		2,009,020
Shares			Value
UNITED KINGDOM (continued)
	164,431	KCOM Group Plc	$	143,922
	21,667	Keller Group Plc		214,836
	112,412	Kesa Electricals Plc		230,362
	8,554	Kier Group Plc		131,876
	1,062,773	Kingfisher Plc		3,579,893
	11,408	Kofax Plc(b)		32,299
	151,243	Ladbrokes Plc		377,772
	122,296	Laird Plc		241,193
	107,436	Land Securities Group Plc		1,090,458
	8,460	Lavendon Group Plc		9,358
	2,862,954	Legal & General Group Plc		3,439,045
	64,436	Liberty International Plc		466,135
	4,601	Liontrust Asset Management Plc		8,476
	238,679	Logica Plc		445,035
	59,079	London Stock Exchange Group Plc		600,552
	43,817	Lonmin Plc(b)		1,253,424
	61,554	Lookers Plc(b)		44,269
	16,540	Low and Bonar Plc		9,251
	40,901	Luminar Group Holdings Plc(b)		25,849
	3,333	M.J. Gleeson Group Plc(b)		7,135
	547,722	Man Group Plc		2,052,767
	234,589	Marks & Spencer Group Plc		1,298,805
	84,424	Marshalls Plc		115,445
	188,551	Marston’s Plc		263,845
	54,800	McBride Plc		190,513
	8,244	McKay Securities Plc		19,180
	6,387	Mears Group Plc		27,713
	332,487	Meggitt Plc		1,369,474
	216,890	Melrose Plc		576,531
	16,570	Melrose Resources Plc		80,539
	73,933	Michael Page International Plc		454,617
	21,967	Micro Focus International Plc		178,887
	77,510	Millennium & Copthorne Hotels Plc		470,061
	100,405	Misys Plc		342,915
	112,220	Mitchells & Butlers Plc(b)		493,471
	64,668	Mitie Group Plc		235,707
	149,687	Mondi Plc		846,495
	125,036	Moneysupermarket.com Group Plc		145,080
	97,272	Morgan Crucible Co. Plc		251,862
	14,276	Morgan Sindall Plc		122,101
	35,474	Mothercare Plc		362,827
	16,232	Mouchel Group Plc		64,202
	15,625	MWB Group Holdings Plc(b)		10,424
	51,830	N Brown Group Plc		186,302
	95,250	National Express Group Plc		314,012
	18,906	Nestor Healthcare Group Plc		13,266
	26,838	Next Plc		836,883
	125,910	Northern Foods Plc		124,739
	8,588	Northgate Plc(b)		29,651
	77,366	Northumbrian Water Group Plc		318,233
	18,948	Novae Group Plc		91,965
	2,472,362	Old Mutual Plc		4,076,078
	65,932	Oxford Biomedica Plc		12,424

56

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	37,301	Pace Plc	$	112,196
	12,081	PartyGaming Plc(b)		54,074
	5,299	PayPoint Plc		33,854
	113,258	Pendragon Plc(b)		47,925
	50,819	Pennon Group Plc		415,996
	149,754	Persimmon Plc		1,028,069
	25,129	Petrofac Ltd.		385,054
	5,675	Petropavlovsk Plc(b)		80,155
	9,237	Phoenix IT Group Ltd.		40,906
	56,972	Photo-Me International Plc		30,955
	73,007	Premier Farnell Plc		208,812
	954,316	Premier Foods Plc(b)		489,372
	19,340	Premier Oil Plc(b)		319,017
	25,821	Prostrakan Group Plc(b)		45,895
	19,473	Provident Financial Plc		290,304
	40,302	Psion Plc		56,767
	126,830	Punch Taverns Plc(b)		168,957
	96,853	PV Crystalox Solar Plc		85,923
	61,900	PZ Cussons Plc		242,311
	246,845	QinetiQ Group Plc		526,305
	177,396	Quintain Estates & Development Plc		165,664
	53,253	Rank Group Plc(b)		77,574
	12,590	Rathbone Brothers Plc		166,540
	3,513	REA Holdings Plc		22,937
	78,802	Redrow Plc		163,818
	6,462	Renishaw Plc		61,859
	2,330	Rensburg Sheppards Plc		21,839
	257,822	Rentokil Initial Plc(b)		473,921
	1,044,477	Resolution Ltd.(b)		1,331,792
	28,774	Restaurant Group Plc		93,232
	407,402	Rexam Plc		1,939,751
	7,755	Ricardo Plc		35,941
	13,819	RM Plc		38,965
	17,399	Robert Walters Plc		61,092
	15,157	Robert Wiseman Dairies Plc		120,731
	22,720	ROK Plc		15,263
	20,874	Rotork Plc		420,478
	25,759	RPC Group Plc		98,953
	66,067	RPS Group Plc		210,445
	809,067	RSA Insurance Group Plc		1,654,347
	476,620	Sage Group Plc (The)		1,792,790
	49,414	Salamander Energy Plc(b)		208,545
	52,690	Savills Plc		266,033
	49,362	Schroders Plc		975,503
	20,496	Schroders Plc - Non Voting		324,351
	12,499	Scott Wilson Group Plc		19,661
	24,501	SDL Plc		186,301
	104,356	Segro Plc		518,345
	140,739	Senior Plc		188,083
	98,945	Serco Group Plc		786,496
	34,228	Severfield-Rowen Plc		118,356
	34,311	Severn Trent Plc		614,645
	54,091	Shaftesbury Plc		327,519
	174,270	Shanks Group Plc		352,806
	1,332	Shire Plc		26,380
Shares			Value
UNITED KINGDOM (continued)
	259,542	SIG Plc	$	472,133
	120,346	Smith & Nephew Plc		1,210,675
	53,086	Smiths Group Plc		842,600
	37,047	Smiths News Plc		69,966
	18,921	Soco International Plc		434,269
	49,871	Southern Cross Healthcare Ltd.(b)		121,031
	41,569	Spectris Plc		504,998
	223,877	Speedy Hire Plc		103,367
	38,075	Spice Plc		31,030
	16,818	Spirax-Sarco Engineering Plc		335,698
	170,913	Spirent Communications Plc		299,959
	94,269	Sports Direct International Plc		143,832
	54,276	SSL International Plc		672,569
	7,688	St. Ives Group Plc		7,195
	83,826	St. James’s Place Plc		334,481
	37,796	St. Modwen Properties Plc		113,399
	72,211	Stagecoach Group Plc		202,074
	803,401	Standard Life Plc		2,500,029
	14,920	Sthree Plc		72,422
	25,800	Subsea 7, Inc.(b)		428,809
	4,448	Synergy Health Plc		43,733
	4,319	T Clarke Plc		9,720
	171,109	Tate & Lyle Plc		1,078,864
	1,287,099	Taylor Wimpey Plc		790,615
	5,162	Ted Baker Plc		40,661
	14,307	Telecity Group Plc(b)		89,284
	11,245	Telecom Plus Plc		53,757
	215,181	Thomas Cook Group Plc		776,952
	358,045	Tomkins Plc		1,071,367
	35,892	Topps Tiles Plc(b)		44,863
	11,051	Town Centre Securities Plc		25,193
	76,407	Travis Perkins Plc		892,343
	56,712	Trinity Mirror Plc		136,510
	45,185	TT electronics Plc		62,673
	88,666	TUI Travel Plc		365,745
	44,722	Tullett Prebon Plc		218,161
	49,013	UK Coal Plc - Sub-Shares		47,837
	16,341	Ultra Electronics Holdings		330,534
	15,158	Umeco Plc		79,358
	8,025	Uniq Plc(b)		3,315
	34,788	United Business Media Ltd.		236,181
	99,107	United Utilities Group Plc		845,270
	7,888	UTV Media Plc		12,758
	49,708	Vectura Group Plc(b)		54,779
	55,280	Vedanta Resources Plc		2,120,361
	22,798	Victrex Plc		295,392
	7,995	Vitec Group Plc (The)		52,432
	36,133	VT Group Plc		308,457
	78,552	Weir Group Plc (The)		966,669
	16,675	Wellstream Holdings Plc		131,936
	43,403	Wetherspoon (J.D.) Plc		314,868
	33,542	WH Smith Plc		266,681
	69,159	Whitbread Plc		1,546,522
	107,332	William Hill Plc		340,430
	14,285	Wilmington Group Plc		29,032

57

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	19,577	Wincanton Plc	$	69,670
	54,494	Wolfson Microelectronics Plc(b)		108,324
	120,536	Wolseley Plc(b)		2,651,885
	339,266	Woolworths Group Plc(b)(c)(d)		0
	10,794	WSP Group Plc		45,967
	10,220	Xaar Plc		14,079
	65,077	Xchanging Plc		197,369
	505,928	Yell Group Plc(b)		293,050
	30,967	Yule Catto & Co. Plc		86,214
				135,650,492
UNITED STATES — 57.8%
	9,211	1-800-FLOWERS.COM, Inc. - Class A(b)		19,071
	11,450	1st Source Corp.		174,612
	76,715	3Com Corp.(b)		571,527
	3,800	3D Systems Corp.(b)		39,900
	800	3PAR, Inc.(b)		7,736
	6,529	4Kids Entertainment, Inc.(b)		9,598
	11,400	99 Cents Only Stores(b)		148,656
	2,900	A.M. Castle & Co.		28,130
	3,500	A.O. Smith Corp.		149,030
	3,422	AAON, Inc.		70,459
	7,600	AAR Corp.		176,092
	7,100	Aaron’s, Inc.		197,806
	700	Abaxis, Inc.		16,856
	6,700	Abercrombie & Fitch Co. - Class A		211,318
	8,900	Abington Bancorp, Inc.		63,546
	10,300	Abiomed, Inc.		81,576
	375,000	ABM Industries, Inc.(d)		7,282,500
	3,800	Abraxas Petroleum Corp.		7,448
	10,020	AC Moore Arts & Crafts, Inc.(b)		28,056
	5,700	Acacia Research-Acacia Technologies		51,129
	8,444	Acadia Pharmaceuticals, Inc.		10,555
	4,279	Acadia Realty Trust		68,164
	1,814	Accelrys, Inc.(b)		10,322
	7,800	ACCO Brands Corp.(b)		60,060
	1,800	Accuray, Inc.		10,692
	900	Aceto Corp.		4,752
	3,200	ACI Worldwide, Inc.		51,232
	2,100	Acme Packet, Inc.		21,735
	400	Acorda Therapeutics, Inc.(b)		11,192
	5,946	Actel Corp.		65,525
	9,100	ActivIdentity Corp.(b)		20,748
	310,000	Activision Blizzard, Inc.(b)		3,149,600
	6,800	Actuant Corp. - Class A		114,036
	9,350	Actuate Corp.(b)		46,656
	1,800	Acuity Brands, Inc.		64,404
	4,800	Acxiom Corp.		73,824
	58,880	Adaptec, Inc.(b)		178,995
	17,100	ADC Telecommunications, Inc.		90,801
	101,500	Administaff, Inc.		2,318,260
	12,705	Adolor Corp.(b)		19,947
	11,500	Adtran, Inc.		243,800

Shares			Value
UNITED STATES (continued)
	2,530	Advance America Cash Advance Centers, Inc.	$	12,220
	1,463,107	Advance Auto Parts, Inc.		57,719,571
	16,100	Advanced Analogic Technologies, Inc.(b)		53,774
	7,300	Advanced Energy Industries, Inc.		95,776
	9,000	Advanced Micro Devices, Inc.		67,140
	2,500	Advent Software, Inc.		94,375
	17,260	ADVENTRX Pharmaceuticals, Inc.(b)		5,005
	1,500	Advisory Board Co. (The)(b)		48,435
	3,005	Aecom Technology Corp.(b)		81,045
	1,200	AEP Industries, Inc.		41,892
	6,900	Aeropostale, Inc.		226,941
	600	Aerovironment, Inc.		20,442
	2,800	AFC Enterprises(b)		22,960
	1,000	Affiliated Managers Group, Inc.		60,570
	500	Affymax, Inc.(b)		10,500
	1,800	Affymetrix, Inc.(b)		9,504
	7,700	AGCO Corp.		238,007
	4,000	Agilysys, Inc.		33,600
	672	Agree Realty Corp.		13,164
	2,800	Air Methods Corp.		85,596
	3,500	Air Transport Services Group, Inc.(b)		8,085
	5,800	Aircastle Ltd.		55,158
	16,229	AirTran Holdings, Inc.(b)		78,224
	900	Airvana, Inc.(b)		6,813
	6,300	AK Steel Holding Corp.		128,142
	3,600	Akamai Technologies, Inc.(b)		88,920
	5,751	Akorn, Inc.		9,144
	1,000	Alamo Group, Inc.		17,950
	7,600	Alaska Air Group, Inc.		238,184
	8,500	Alaska Communications Systems Group, Inc.		69,275
	3,400	Albany International Corp. - Class A		67,626
	17,293	Albany Molecular Research, Inc.		164,111
	3,100	Albemarle Corp.		110,732
	353,800	Alberto-Culver Co.		10,044,382
	2,800	Alexander & Baldwin, Inc.		89,460
	400	Alexandria Real Estate Equities, Inc.		23,892
	7,000	Alexza Pharmaceuticals, Inc.		18,200
	1,642	Alico, Inc.		42,101
	4,400	Align Technology, Inc.		82,500
	7,629	Alkermes, Inc.(b)		83,461
	34,400	Alleghany Corp.		8,982,184
	3,805	Allegheny Technologies, Inc.		155,434
	200	Allegiant Travel Co.(b)		10,240
	46,000	Allergan, Inc.		2,645,000
	2,600	Allete, Inc.		81,380
	1,500	Alliance Data Systems Corp.		89,190
	9,900	Alliance HealthCare Services, Inc.		49,797

58

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	29,100	Alliance One International, Inc.	$	148,119
	1,000	Alliant Techsystems, Inc.		78,970
	8,408	Allis-Chalmers Energy, Inc.		30,689
	21,600	Allos Therapeutics, Inc.		156,816
	900	Alloy, Inc.		6,948
	6,556	Allscripts-Misys Healthcare Solutions, Inc.(b)		107,912
	100	Almost Family, Inc.		3,636
	2,700	Alnylam Pharmaceuticals, Inc.(b)		45,630
	5,825	Alon USA Energy, Inc.		41,707
	4,333	Alpha Natural Resources, Inc.(b)		175,963
	12,326	Alphatec Holdings, Inc.(b)		54,481
	1,500	Altra Holdings, Inc.(b)		16,530
	2,700	AMAG Pharmaceuticals, Inc.(b)		118,746
	3,470	Ambassadors Group, Inc.		39,315
	4,100	AMCOL International Corp.		103,033
	4,476	Amcore Financial, Inc.		3,894
	4,000	Amedisys, Inc.		219,800
	2,700	Amerco, Inc.		102,033
	2,400	American Apparel, Inc.		6,792
	5,000	American Axle & Manaufacturing Holdings, Inc.		46,750
	8,206	American Campus Communities, Inc.		210,566
	15,964	American Capital Ltd.(b)		58,907
	300	American Commercial Lines, Inc.		4,602
	3,399	American Dental Partners, Inc.		42,997
	6,700	American Eagle Outfitters, Inc.		106,463
	3,500	American Ecology Corp.		55,475
	11,600	American Equity Investment Life Holding Co.		85,144
	9,900	American Financial Group, Inc.		245,619
	6,700	American Greetings Corp. - Class A		123,816
	342	American Italian Pasta Co. - Class A		11,717
	309,531	American Medical Systems Holdings, Inc.(b)		5,942,995
	1,705	American National Insurance Co.		181,480
	10,500	American Oil & Gas, Inc.		42,525
	3,676	American Physicians Capital, Inc.		102,046
	100,200	American Public Education, Inc.(b)		3,821,628
	600	American Railcar Industries, Inc.		5,946
	3,200	American Reprographics Co.		22,496
	3,100	American Science & Engineering, Inc.		240,684
	1,800	American Software, Inc. - Class A		9,864
	3,500	American States Water Co.		116,270

Shares			Value
UNITED STATES (continued)
	5,802	American Superconductor Corp.	$	220,592
	5,300	American Vanguard Corp.		40,227
	7,300	American Water Works Co., Inc.		159,140
	4,400	American Woodmark Corp.		88,704
	1,824	America’s Car-Mart, Inc.(b)		42,919
	11,700	AmeriCredit Corp.(b)		245,349
	8,100	AMERIGROUP Corp.(b)		206,145
	1,961	Ameris Bancorp		18,316
	6,900	Amerisafe, Inc.(b)		119,370
	6,300	Ameristar Casinos, Inc.		93,303
	1,000	Ameron International Corp.		69,030
	125,000	Ametek, Inc.		4,555,000
	6,875	AMICAS, Inc.		36,919
	29,300	Amkor Technology, Inc.		166,717
	5,500	AMN Healthcare Services, Inc.		47,850
	2,100	Ampco-Pittsburgh Corp.		53,613
	6,900	AMR Corp.		47,748
	2,100	Amrep Corp.		28,770
	3,396	Amsurg Corp.(b)		71,690
	4,700	Amtrust Financial Services, Inc.		56,259
	4,300	Amylin Pharmaceuticals, Inc.		77,314
	9,600	Anadigics, Inc.		34,752
	1,800	Analogic Corp.		72,000
	7,272	Anaren, Inc.		93,300
	16,800	Anatolia Minerals Development Ltd.(b)		52,007
	4,076	Anchor Bancorp Wisconsin, Inc.		5,095
	2,100	Andersons, Inc. (The)		56,658
	6,500	Angiodynamics, Inc.(b)		104,325
	900	Anika Therapeutics, Inc.		5,643
	2,300	Anixter International, Inc.		95,864
	8,600	Ann Taylor Stores Corp.		108,016
	3,769	Ansys, Inc.(b)		157,770
	500	APAC Customer Services, Inc.		2,590
	1,200	Apartment Investment & Management Co. - Class A		18,432
	5,300	Apogee Enterprises, Inc.		72,928
	39,000	Apollo Gold Corp.(b)		14,590
	70,000	Apollo Group, Inc. - Class A		4,241,300
	5,300	Applied Industrial Technologies, Inc.		115,540
	13,950	Applied Micro Circuits Corp.(b)		102,254
	700	Applied Signal Technology, Inc.		12,453
	500	Approach Resources, Inc.(b)		4,005
	365,900	Aptargroup, Inc.		12,982,132
	2,600	Arbitron, Inc.		65,806
	57	ARCA Biopharma, Inc.(b)		167
	4,000	Arch Chemicals, Inc.		111,840
	2,100	Arch Coal, Inc.		44,247
	40,800	ArcSight, Inc.		969,000
	6,057	Arctic Cat, Inc.		50,758
	600	Ardea Biosciences, Inc.(b)		8,784

59

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	11,300	Arena Pharmaceuticals, Inc.	$	35,256
	53,400	Arena Resources, Inc.		2,047,356
	200	Argan, Inc.		2,840
	6,253	Argon ST, Inc.		158,576
	4,000	Ariad Pharmaceuticals, Inc.(b)		8,840
	414,817	Ariba, Inc.(b)		5,222,546
	4,700	Arkansas Best Corp.		105,938
	4,400	Armstrong World Industries, Inc.(b)		160,292
	3,200	Arqule, Inc.		10,336
	7,728	Array Biopharma, Inc.(b)		18,470
	20,468	Arris Group, Inc.(b)		205,499
	7,800	Arrow Electronics, Inc.		204,906
	206	Arrow Financial Corp.		5,352
	2,900	Art Technology Group, Inc.(b)		12,992
	3,443	Arthrocare Corp.		91,756
	152,600	Arthur J. Gallagher & Co.		3,441,130
	2,400	Aruba Networks, Inc.		24,936
	10,772	ArvinMeritor, Inc.		104,381
	6,700	Asbury Automotive Group, Inc.		74,169
	1,000	Ascent Media Corp. - Class A		25,770
	6,827	Ashland, Inc.		275,879
	1,484,725	ASML Holding NV - ADR		46,397,656
	8,600	Aspen Technology, Inc.		80,840
	10,700	Asset Acceptance Capital Corp.(b)		62,274
	2,520	Assisted Living Concepts, Inc.(b)		65,092
	900	Associated Banc-Corp.		11,448
	1,300	Associated Estates Realty Corp.		15,353
	1,400,800	Assurant, Inc.		44,027,144
	1,320	Asta Funding, Inc.		8,237
	2,900	Astec Industries, Inc.		72,181
	7,200	Astoria Financial Corp.		95,040
	10,900	ATC Technology Corp.(b)		238,383
	41,000	athenahealth, Inc.(b)		1,612,940
	600	Atherogenics, Inc.(c)(d)		0
	7,900	Atheros Communications, Inc.(b)		253,353
	1,200	Atlantic Coast Federal Corp.		1,812
	500	Atlantic Tele-Network, Inc.		24,215
	2,700	Atlas Air Worldwide Holdings, Inc.		99,009
	2,934	Atlas Energy, Inc.		88,754
	91,800	Atmel Corp.		425,952
	3,163	ATMI, Inc.(b)		53,075
	4,200	ATP Oil & Gas Corp.(b)		60,774
	3,600	ATS Medical, Inc.		9,396
	1,200	Atwood Oceanics, Inc.		40,224
	5,307	Audiovox Corp. - Class A		35,292
	110,000	Autodesk, Inc.		2,616,900
	12,654	AutoNation, Inc.(b)		227,772
	4,300	Auxilium Pharmaceuticals, Inc.(b)		121,088
	200	Avatar Holdings, Inc.		3,388
	300	Avery Dennison Corp.		9,753

Shares			Value
UNITED STATES (continued)
	4,661	Aviat Networks, Inc.(b)	$	33,513
	4,900	Avid Technology, Inc.(b)		61,887
	6,200	Avis Budget Group, Inc.		67,084
	5,900	Avista Corp.		120,242
	240,000	Avon Products, Inc.		7,233,600
	14,600	AVX Corp.		173,448
	9,900	Axcelis Technologies, Inc.		14,850
	1,300	AZZ, Inc.		39,104
	2,000	B&G Foods, Inc. - Class A		17,960
	2,000	Badger Meter, Inc.		75,580
	5,199	Balchem Corp.		100,809
	6,200	Baldor Electric Co.		153,016
	891	Baldwin & Lyons, Inc. - Class B		21,197
	7,732	Bally Technologies, Inc.(b)		306,728
	2,600	BancFirst Corp.		104,780
	1,900	Bancorp, Inc. (The)(b)		13,889
	11,900	BancorpSouth, Inc.		272,272
	10,697	Bank Mutual Corp.		71,456
	300	Bank of Florida Corp.		363
	1,700	Bank of Hawaii Corp.		77,316
	2,900	Bank of The Ozarks, Inc.		85,927
	4,027	BankAtlantic Bancorp, Inc. - Class A		5,920
	5,200	BankFinancial Corp.		49,660
	1,900	Banner Corp.		5,624
	60,000	Bard (C.R.), Inc.		4,973,400
	277,000	Bare Escentuals, Inc.		5,033,090
	3,700	Barnes & Noble, Inc.		64,676
	7,000	Barnes Group, Inc.		112,280
	1,106	Barrett Business Sevices, Inc.		14,168
	6,550	Basic Energy Services, Inc.(b)		61,504
	500	Bassett Furniture Industries, Inc.		2,165
	7,100	BE Aerospace, Inc.		159,253
	16,100	Beacon Roofing Supply, Inc.		270,480
	366	BearingPoint, Inc.(c)(d)		0
	900	Beasley Broadcasting Group, Inc. - Class A		3,231
	10,900	Bebe Stores, Inc.		67,362
	65,000	Beckman Coulter, Inc.		4,249,050
	126	Bel Fuse, Inc. - Class A		2,185
	1,900	Bel Fuse, Inc. - Class B		36,043
	7,226	Belden, Inc.		164,970
	5,616	Bell Microproducts, Inc.		25,384
	3,500	Belo Corp. - Class A		23,240
	5,100	Bemis Co., Inc.		143,106
	8,550	Benchmark Electronics, Inc.(b)		155,781
	4,300	Beneficial Mutual Bancorp, Inc.(b)		38,743
	3,800	Berkshire Hills Bancorp, Inc.		62,890
	5,600	Berry Petroleum Co. - Class A		151,648
	7,800	BGC Partners, Inc. - Class A		31,746
	2,100	Big 5 Sporting Goods Corp.		30,681
	3,100	Big Lots, Inc.		88,071
	7,000	Bill Barrett Corp.(b)		217,000

60

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	7,614	BioCryst Pharmaceuticals, Inc.(b)	$	52,080
	600	Biodel, Inc.(b)		2,406
	13,300	BioMarin Pharmaceutical, Inc.(b)		258,419
	6,700	BioMed Realty Trust, Inc.		97,619
	3,966	BioMimetic Therapeutics, Inc.(b)		46,878
	112,000	Bio-Rad Laboratories, Inc. - Class A		10,436,160
	2,600	Bio-Reference Labs, Inc.(b)		98,280
	658	Biosante Pharmaceuticals, Inc.(b)		1,007
	19,100	BioScrip, Inc.(b)		138,857
	5,700	BJ’s Restaurants, Inc.(b)		120,498
	8,300	BJ’s Wholesale Club, Inc.(b)		280,457
	2,300	Black & Decker Corp.		148,718
	2,798	Black Box Corp.		76,917
	4,520	Black Hills Corp.		117,430
	1,000	Blackbaud, Inc.		22,300
	126,900	Blackboard, Inc.		5,001,129
	4,000	Blount International, Inc.		44,560
	5,400	Blue Coat Systems, Inc.(b)		133,110
	500	Blue Nile, Inc.(b)		25,775
	8,200	Bluegreen Corp.		20,008
	775	Blyth, Inc.		21,770
	1,000	BMP Sunstone Corp.(b)		5,380
	3,850	Bob Evans Farms, Inc.		107,454
	3,000	Boise, Inc.(b)		15,480
	5,153	Bok Financial Corp.		244,304
	1,500	Bolt Technology Corp.		15,000
	2,600	Bon-Ton Stores, Inc. (The)(b)		22,750
	1,900	Books-A-Million, Inc.		12,103
	3,900	Borders Group, Inc.		3,354
	4,000	BorgWarner, Inc.		140,360
	700	Boston Beer Co., Inc. - Class A(b)		32,095
	6,367	Boston Private Financial Holdings, Inc.		45,651
	106,800	Bottomline Technologies, Inc.(b)		1,847,640
	6,017	Bowne & Co., Inc.		39,532
	7,500	Boyd Gaming Corp.(b)		58,500
	3,300	BPZ Resources, Inc.		19,602
	152,200	Brady Corp. - Class A		4,301,172
	1,000	Brandywine Realty Trust REIT		11,230
	500	BRE Properties, Inc.		16,035
	6,700	Briggs & Stratton Corp.		110,751
	16,700	Brigham Exploration Co.(b)		217,768
	10,930	Brightpoint, Inc.(b)		63,831
	3,500	Brinker International, Inc.		57,120
	800	Brink’s Co. (The)		18,704
	1,700	Brink’s Home Security Holdings, Inc.(b)		69,700
	4,000	Bristow Group, Inc.(b)		142,800
	2,800	Broadpoint Gleacher Securities Group, Inc.(b)		11,340
Shares			Value
UNITED STATES (continued)
	3,500	Broadridge Financial Solutions, Inc.	$	76,020
	2,300	Broadwind Energy, Inc.(b)		13,087
	15,300	Brocade Communications Systems, Inc.(b)		105,111
	6,400	Bronco Drilling Co., Inc.(b)		32,128
	6,700	Brookdale Senior Living, Inc.(b)		122,275
	6,423	Brookline Bancorp, Inc.		64,294
	8,421	Brooks Automation, Inc.(b)		70,231
	202,870	Brown & Brown, Inc.		3,570,512
	7,746	Brown Shoe Co., Inc.		94,888
	75,000	Brown-Forman Corp. - Class B		3,849,000
	6,084	Bruker Corp.(b)		74,651
	7,070	Brunswick Corp.		75,861
	3,700	Brush Engineered Materials, Inc.(b)		66,489
	9,100	Buckeye Technologies, Inc.(b)		104,104
	3,075	Buckle, Inc. (The)		93,296
	2,800	Bucyrus International, Inc.		146,664
	299	Buffalo Wild Wings, Inc.(b)		13,996
	4,195	Builders FirstSource, Inc.(b)		14,053
	2,450	Burger King Holdings, Inc.		42,728
	1,200	Bway Holding Co.(b)		20,472
	8,400	Cabela’s, Inc.(b)		135,408
	3,400	Cabot Corp.		87,652
	2,500	Cabot Microelectronics Corp.(b)		87,875
	4,800	Cache, Inc.(b)		20,160
	3,900	CACI International, Inc. - Class A(b)		187,083
	7,500	Cadence Design Systems, Inc.(b)		43,575
	1,100	Cadence Pharmaceuticals, Inc.(b)		10,956
	1,200	Cadiz, Inc.(b)		14,316
	5,722	Cal Dive International, Inc.(b)		40,283
	900	Calamos Asset Management, Inc. - Class A		11,655
	600	Calavo Growers, Inc.		10,056
	7,200	Calgon Carbon Corp.(b)		96,408
	5,700	California Pizza Kitchen, Inc.(b)		78,660
	2,400	California Water Service Group		87,168
	12,624	Caliper Life Sciences, Inc.(b)		36,988
	8,600	Callaway Golf Co.		64,156
	4,806	Callidus Software, Inc.(b)		15,379
	5,000	Callon Petroleum Co.(b)		11,450
	2,800	Cal-Maine Foods, Inc.		91,420
	1,700	Cambrex Corp.(b)		9,146
	900	Camden National Corp.		26,118
	500	Camden Property Trust REIT		19,385
	7,400	Cano Petroleum, Inc.(b)		7,326
	2,800	Cantel Medical Corp.		53,984
	500	Capella Education Co.(b)		36,690
	1,200	Capital City Bank Group, Inc.		14,376
	74	Capital Corp. of the West(b)		0
	4,500	Capital Senior Living Corp.(b)		22,680

61

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	600	Capital Southwest Corp.	$	48,870
	11,500	CapitalSource, Inc.		55,085
	4,700	Capitol Bancorp Ltd.		10,810
	604	Capitol Federal Financial		19,702
	5,800	Caraco Pharmaceutical Laboratories Ltd.(b)		29,696
	2,550	CARBO Ceramics, Inc.		168,096
	4,300	Cardiac Science Corp.(b)		11,180
	4,975	Cardinal Financial Corp.		46,417
	1,300	Cardtronics, Inc.(b)		14,157
	2,800	Career Education Corp.(b)		60,900
	3,000	Carlisle Cos., Inc.		100,560
	2,300	CarMax, Inc.(b)		47,449
	2,130	Carmike Cinemas, Inc.(b)		15,400
	3,000	Carpenter Technology Corp.		80,400
	1,200	Carrizo Oil & Gas, Inc.(b)		28,800
	8,500	Carter’s, Inc.(b)		219,810
	2,610	Cascade Corp.		75,560
	5,200	Casella Waste Systems, Inc. - Class A(b)		22,620
	8,784	Casey’s General Stores, Inc.		269,493
	4,400	Cash America International, Inc.		165,396
	20	Cass Information Systems, Inc.		602
	6,826	Casual Male Retail Group, Inc.(b)		19,113
	2,800	Catalyst Health Solutions, Inc.(b)		110,124
	8,610	Cathay General Bancorp		82,484
	8,350	Cato Corp. (The) - Class A		170,758
	543	Cavco Industries, Inc.(b)		19,461
	1,000	Cavium Networks, Inc.(b)		21,610
	7,000	CB Richard Ellis Group, Inc. - Class A(b)		86,100
	2,200	Cbeyond, Inc.(b)		27,412
	16,600	CBIZ, Inc.(b)		120,350
	700	CBL & Associates Properties, Inc.		7,000
	4,600	CDI Corp.		59,294
	4,400	CEC Entertainment, Inc.(b)		146,036
	3,400	Cedar Shopping Centers, Inc.		23,732
	3,268	Celadon Group, Inc.(b)		32,092
	400	Celanese Corp. - Class A		11,640
	9,995	Celera Corp.		67,266
	2,026	Celldex Therapeutics, Inc.(b)		9,036
	6,300	Centene Corp.(b)		121,275
	1,010	Center Bancorp., Inc.		8,363
	2,700	Center Financial Corp.		12,852
	300	Centerstate Banks, Inc.		3,318
	3,600	Central Garden & Pet Co.(b)		34,344
	4,800	Central Garden & Pet Co. - Class A(b)		42,192
	10,500	Central Pacific Financial Corp.(b)		17,010
	2,400	Central Vermont Public Service Corp.		47,136
	7,400	Century Aluminum Co.(b)		83,768
Shares			Value
UNITED STATES (continued)
	10,300	Cenveo, Inc.(b)	$	74,366
	70,000	Cephalon, Inc.(b)		4,468,800
	8,600	Cepheid, Inc.(b)		126,334
	5,000	Ceradyne, Inc.(b)		97,700
	13,920	Cerus Corp.(b)		25,334
	4,300	Ceva, Inc.(b)		51,127
	2,358	CH Energy Group, Inc.		93,259
	3,700	Charles River Laboratories International, Inc.(b)		134,458
	9,510	Charming Shoppes, Inc.(b)		55,253
	2,200	Chart Industries, Inc.(b)		35,486
	116,500	Chattem, Inc.(b)		10,888,090
	7,300	Checkpoint Systems, Inc.(b)		117,092
	8,500	Cheesecake Factory (The)(b)		179,690
	4,400	Chemed Corp.		204,600
	3,637	Chemical Financial Corp.		77,068
	3,700	Cheniere Energy, Inc.(b)		10,545
	1,800	Chesapeake Corp.(b)		4
	105,000	Chesapeake Energy Corp.		2,601,900
	800	Chesapeake Utilities Corp.		23,712
	7,200	Chico’s FAS, Inc.(b)		91,944
	5,200	Children’s Place Retail Stores, Inc. (The)(b)		165,360
	1,100	Chipotle Mexican Grill, Inc. - Class A(b)		106,106
	4,400	Chiquita Brands International, Inc.(b)		64,548
	1,800	Choice Hotels International, Inc.		57,132
	2,580	Chordiant Software, Inc.(b)		9,546
	6,100	Christopher & Banks Corp.		40,565
	2,406	Churchill Down, Inc.		87,338
	8,576	Ciber, Inc.(b)		27,700
	4,085	Ciena Corp.(b)		52,084
	5,624	Cimarex Energy Co.		276,757
	34,800	Cincinnati Bell, Inc.(b)		101,268
	9,100	Cinemark Holdings, Inc.		129,038
	2,600	CIRCOR International, Inc.		73,450
	13,500	Cirrus Logic, Inc.(b)		92,070
	800	Citi Trends, Inc.(b)		24,904
	5,621	Citizens Republic Bancorp, Inc.(b)		4,272
	10,827	Citizens, Inc.(b)		69,834
	886,454	Citrix Systems, Inc.(b)		36,832,164
	3,726	City Holding Co.		117,108
	4,300	City National Corp.		212,377
	7,300	CKE Restaurants, Inc.		61,028
	10,400	CKX, Inc.(b)		42,224
	227,500	CLARCOR, Inc.		7,366,450
	2,958	Clayton Williams Energy, Inc.(b)		97,082
	1,600	Clean Energy Fuels Corp.(b)		26,784
	800	Clean Harbors, Inc.(b)		45,808
	3,400	Clear Channel Outdoor Holdings, Inc. - Class A(b)		34,510
	500	Clearwater Paper Corp.(b)		24,465

62

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	6,400	Cleco Corp.	$	165,888
	5,200	Clifton Savings Bancorp, Inc.		44,460
	1,755	Clinical Data, Inc.(b)		26,974
	110,000	Clorox Co.		6,508,700
	11,400	CNA Surety Corp.(b)		159,600
	4,800	CoBiz Financial, Inc.		25,632
	6,480	Coeur D’alene Mines Corp.(b)		90,850
	2,600	Cogdell Spencer, Inc. REIT		16,796
	8,500	Cogent Communications Group, Inc.(b)		92,820
	1,400	Cogent, Inc.(b)		14,462
	5,800	Cognex Corp.		94,946
	3,900	Cohen & Steers, Inc.		79,326
	5,820	Coherent, Inc.(b)		172,738
	11,354	Cohu, Inc.		147,034
	3,400	Coinstar, Inc.(b)		87,822
	9,000	Coldwater Creek, Inc.(b)		40,140
	1,100	Colfax Corp.(b)		12,397
	11,500	Collective Brands, Inc.(b)		226,320
	6,000	Colonial Properties Trust		66,060
	900	Columbia Bancorp(b)(c)(d)		1,053
	2,231	Columbia Banking System, Inc.		42,367
	4,600	Columbia Sportswear Co.		190,348
	4,600	Columbus McKinnon Corp.(b)		62,468
	19,400	Comfort Systems USA, Inc.		227,562
	5,737	Commerce Bancshares, Inc.		227,070
	7,200	Commercial Metals Co.		98,928
	4,500	Commercial Vehicle Group, Inc.(b)		21,555
	2,800	CommScope, Inc.(b)		76,188
	900	Communications Systems, Inc.		10,719
	3,700	Community Bank System, Inc.		77,367
	6,900	Community Health Systems, Inc.(b)		225,078
	5,474	Community Trust Bancorp, Inc.		138,656
	1,100	CommVault Systems, Inc.(b)		23,309
	700	Compass Minerals International, Inc.		44,128
	700	Compellent Technologies,Inc.(b)		13,916
	5,300	Complete Production Services, Inc.		66,409
	4,867	Compucredit Holdings Corp.		16,256
	1,700	Computer Programs & Systems, Inc.		63,971
	1,092,000	Computer Sciences Corp.(b)		56,019,600
	10,800	Compuware Corp.(b)		81,972
	175,700	comScore, Inc.(b)		2,384,249
	58,300	Comstock Resources, Inc.(b)		2,273,117
	2,600	COMSYS IT Partners, Inc.		32,864
	2,700	Comtech Telecommunications Corp.(b)		95,472
	800	Comverge, Inc.(b)		7,856
	4,898	Conceptus, Inc.(b)		95,070
	3,863	Concho Resources, Inc.(b)		173,333
	56,300	Concur Technologies, Inc.(b)		2,232,295
Shares			Value
UNITED STATES (continued)
	1,150	Conexant Systems, Inc.(b)	$	4,393
	5,889	Conmed Corp.(b)		126,672
	400	Connecticut Water Service, Inc.		8,896
	4,801	Conn’s, Inc.(b)		26,982
	7,800	Conseco, Inc.(b)		37,128
	1,116	Consolidated - Tomoka Land Co.		36,917
	10,216	Consolidated Communications Holdings, Inc.		175,000
	1,900	Consolidated Graphics, Inc.(b)		64,125
	175,700	Constant Contact, Inc.(b)		3,099,348
	11,700	Constellation Brands, Inc. - Class A(b)		188,136
	1,900	Contango Oil & Gas Co.(b)		92,625
	12,858	Continental Airlines, Inc. - Class B(b)		236,459
	500	Continucare Corp.(b)		2,420
	7,200	Convergys Corp.(b)		77,040
	1,600	Con-way, Inc.		45,792
	3,100	Cooper Cos., Inc. (The)		109,492
	8,500	Cooper Tire & Rubber Co.		144,755
	202,200	Copart, Inc.(b)		6,826,272
	2,300	Core-Mark Holding Co., Inc.(b)		68,586
	10,900	Corinthian Colleges, Inc.(b)		152,600
	5,000	Corn Products International, Inc.		142,100
	3,200	Cornell Cos., Inc.(b)		67,200
	800	Corporate Executive Board Co. (The)		18,512
	500	Corporate Office Properties Trust REIT		17,845
	7,800	Corrections Corp. of America(b)		145,938
	2,550	Corvel Corp.(b)		76,908
	117,000	CoStar Group, Inc.(b)		4,724,460
	700	Courier Corp.		9,786
	1,140	Cousins Properties, Inc.		8,732
	1,020	Covance, Inc.(b)		59,272
	10,900	Covanta Holding Corp.		190,750
	7,800	Coventry Health Care, Inc.(b)		178,464
	800	CPI International, Inc.(b)		8,960
	2,900	CRA International, Inc.(b)		75,255
	1,500	Cracker Barrel Old Country Store, Inc.		55,440
	2,600	Crane Co.		79,352
	900	Cray, Inc.(b)		4,248
	500	Credit Acceptance Corp.(b)		26,610
	3,700	Cree, Inc.(b)		206,867
	3,600	CROCS, Inc.(b)		26,460
	6,646	Cross Country Healthcare, Inc.(b)		60,213
	1,700	Crosstex Energy, Inc.		13,175
	2,635,000	Crown Holdings, Inc.(b)		62,739,350
	11,400	Crown Media Holdings, Inc. - Class A(b)		16,074
	4,000	CryoLife, Inc.(b)		25,160

63

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	6,929	CSG Systems International, Inc.(b)	$	134,492
	1,500	CSS Industries, Inc.		25,995
	7,000	CTS Corp.		53,270
	3,100	Cubic Corp.		121,055
	8,700	Cubist Pharmaceuticals, Inc.(b)		178,263
	4,300	Cullen/Frost Bankers, Inc.		220,676
	952,366	Cummins, Inc.		43,008,849
	3,999	Cumulus Media, Inc. - Class A(b)		9,798
	1,380	Curis, Inc.(b)		2,843
	5,100	Curtiss-Wright Corp.		155,856
	1,000	Cutera, Inc.(b)		8,830
	12,001	CVB Financial Corp.		114,970
	3,000	CVR Energy, Inc.(b)		24,060
	300	Cyberonics, Inc.(b)		5,622
	14,874	Cybersource Corp.(b)		268,922
	5,842	Cymer, Inc.(b)		183,264
	1,300	Cynosure, Inc. - Class A(b)		13,182
	8,000	Cypress Bioscience, Inc.(b)		41,200
	5,400	Cypress Semiconductor Corp.(b)		54,270
	2,700	Cytec Industries, Inc.		100,737
	400	Cytokinetics, Inc.(b)		1,208
	8,174	Daktronics, Inc.		63,839
	7,700	Dana Holding Corp.(b)		79,387
	400	Danvers Bancorp, Inc.		5,456
	8,200	Darling International, Inc.(b)		63,878
	1,800	Dawson Geophysical Co.(b)		39,042
	800	DCT Industrial Trust, Inc.		3,960
	3,000	DealerTrack Holdings, Inc.(b)		53,910
	2,400	Dean Foods Co.(b)		42,312
	400	Deckers Outdoor Corp.(b)		39,268
	568,400	Del Monte Foods Co.		6,468,392
	2,100	Delek US Holdings, Inc.		14,658
	3,806	dELiA*s, Inc.(b)		6,775
	7,050	Delphi Financial Group, Inc. - Class A		142,762
	12,700	Delta Petroleum Corp.(b)		16,129
	510	Deltek, Inc.(b)		3,784
	2,500	Deltic Timber Corp.		112,275
	4,600	Deluxe Corp.		85,606
	201	DemandTec, Inc.(b)		1,194
	9,488	Dendreon Corp.(b)		262,818
	4,283	Depomed, Inc.(b)		12,207
	1,438	Developers Diversified Realty Corp. REIT		11,864
	4,800	DexCom, Inc.(b)		43,488
	4,000	DG FastChannel, Inc.(b)		109,000
	3,100	Diamond Foods, Inc.		111,352
	1,600	Diamond Management & Technology Consultants, Inc.		11,840
	7,900	DiamondRock Hospitality Co.(b)		64,306
	800	Dice Holdings, Inc.(b)		4,568
	4,000	Dick’s Sporting Goods, Inc.(b)		89,480
Shares			Value
UNITED STATES (continued)
	2,900	Diebold, Inc.	$	77,053
	6,000	Digi International, Inc.(b)		57,600
	2,171	Digimarc Corp.(b)		34,106
	3	Digital Realty Trust, Inc.		144
	3,743	Digital River, Inc.(b)		94,062
	5,900	Dillard’s, Inc. - Class A		97,704
	5,600	Dime Community Bancshares		67,704
	3,100	DineEquity, Inc.(b)		70,494
	3,800	Diodes, Inc.(b)		63,384
	16,500	Dionex Corp.(b)		1,152,525
	2,400	Discovery Laboratories, Inc.(b)		1,662
	7,700	Ditech Networks, Inc.(b)		9,702
	2,723	Dixie Group, Inc.(b)		6,494
	1,600	Dolan Media Co.(b)		15,808
	600	Dollar Financial Corp.(b)		13,530
	4,643	Dollar Thrifty Automotive Group(b)		113,103
	1,134,247	Dollar Tree, Inc.(b)		56,167,911
	6,900	Domino’s Pizza, Inc.(b)		77,970
	2,200	Donaldson Co., Inc.		84,128
	7,172	Donegal Group, Inc. - Class A		105,787
	1,100	Dorman Products, Inc.(b)		16,995
	6,438	Dot Hill Systems Corp.(b)		10,623
	1,200	Double-Take Software, Inc.(b)		12,252
	1,300	Douglas Emmett, Inc. REIT		17,979
	2,800	Dover Downs Gaming & Entertainment, Inc.		9,800
	5,900	Dover Motorsports, Inc.		13,216
	1,500	DR Horton, Inc.		17,685
	2,800	Dreamworks Animation SKG, Inc. - Class A(b)		109,032
	14,280	Dress Barn, Inc.(b)		336,151
	1,845,057	Dresser-Rand Group, Inc.(b)		54,576,786
	4,500	Drew Industries, Inc.(b)		83,700
	8,200	Dril-Quip, Inc.(b)		430,418
	21,829	drugstore.com(b)		61,994
	14,000	DSP Group, Inc.(b)		96,460
	162,200	DST Systems, Inc.(b)		7,352,526
	1,400	DSW, Inc. - Class A(b)		33,740
	5,148	DTS, Inc.(b)		145,688
	3,845	Ducommun, Inc.		69,133
	600	Duff & Phelps Corp. - Class A		9,744
	600	Duke Realty Corp. REIT		6,792
	800,217	Dun & Bradstreet Corp.		63,193,136
	16,622	Durect Corp.(b)		36,070
	12,300	Dyax Corp.		41,451
	8,330	Dycom Industries, Inc.(b)		68,056
	2,800	Dynamex, Inc.(b)		44,576
	1,700	Dynamic Materials Corp.		27,897
	800	Dynamics Research Corp.(b)		8,976
	2,000	DynCorp International, Inc. - Class A(b)		24,020
	29,100	Dynegy, Inc.(b)		47,142
	4,200	Eagle Bulk Shipping, Inc.(b)		21,000
	4,600	Eagle Materials, Inc.		104,926
	11,472	Earthlink, Inc.		93,038

64

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	6,500	East West Bancorp, Inc.	$	106,795
	212	Eastern Insurance Holdings, Inc.		1,787
	3,700	EastGroup Properties, Inc. REIT		141,562
	9,200	Eastman Kodak Co.(b)		55,660
	3,200	Eaton Vance Corp.		92,192
	202,100	Ebix, Inc.(b)		2,926,408
	7,525	Echelon Corp.(b)		63,887
	3,700	EchoStar Corp. - Class A(b)		71,040
	3,201	Eclipsys Corp.(b)		53,393
	120,000	Ecolab, Inc.		5,268,000
	1,480	EDCI Holdings, Inc.(b)		9,339
	5,000	Education Realty Trust, Inc. REIT		26,400
	900	eHealth, Inc.(b)		16,380
	600	Einstein Noah Restaurant Group, Inc.(b)		7,062
	6,600	El Paso Electric Co.(b)		127,050
	4,638	Electro Rent Corp.		54,218
	6,100	Electro Scientific Industries, Inc.(b)		68,381
	175,000	Electronic Arts, Inc.(b)		2,849,000
	6,655	Electronics For Imaging, Inc.(b)		77,131
	7,800	Elixir Gaming Technologies, Inc.(b)		2,106
	6,696	Elizabeth Arden, Inc.(b)		103,922
	500	EMC Insurance Group, Inc.		10,340
	7,200	EMCOR Group, Inc.(b)		173,232
	11,472	Emcore Corp.(b)		10,898
	400	Emergency Medical Services Corp. - Class A(b)		21,004
	800	Emergent Biosolutions, Inc.(b)		11,456
	1,500	Emeritus Corp.(b)		27,300
	800	Emisphere Technologies, Inc.(b)		888
	2,300	Emmis Communications Corp. - Class A(b)		2,714
	4,700	Empire District Electric Co. (The)		86,527
	4,100	Employers Holdings, Inc.		54,243
	4,900	EMS Technologies, Inc.(b)		62,818
	11,500	Emulex Corp.(b)		129,260
	7,400	Encore Acquisition Co.(b)		352,388
	7,138	Encore Capital Group, Inc.(b)		112,566
	11,587	Encore Wire Corp.		231,856
	12,700	Endeavor International Corp.(b)		11,684
	4,000	Endo Pharmaceuticals Holdings, Inc.(b)		80,440
	12,700	Ener1, Inc.(b)		51,308
	5,863	Energy Conversion Devices, Inc.(b)		53,412
	1,800	Energy Recovery, Inc.(b)		10,998
	6,060	EnergySolutions, Inc.		50,601
	500	EnerNOC, Inc.(b)		15,570
	8,600	EnerSys(b)		167,614
	5,948	ENGlobal Corp.(b)		18,260
Shares			Value
UNITED STATES (continued)
	5,200	Ennis, Inc.	$	78,000
	3,501	EnPro Industries, Inc.(b)		85,249
	1,200	Ensign Group, Inc. (The)		20,508
	20,629	Entegris, Inc.(b)		75,090
	2,500	Entercom Communications Corp. - Class A(b)		21,150
	2,688	Enterprise Financial Services Corp.		25,106
	5,000	Entertainment Properties Trust REIT		174,550
	448	Entorian Technologies, Inc.(b)		1,846
	9,100	Entravision Communications Corp. - Class A(b)		27,027
	9,400	Enzo Biochem, Inc.(b)		44,556
	4,900	Enzon Pharmaceuticals, Inc.(b)		48,853
	9,358	Epicor Software Corp.(b)		71,776
	10,095	EPIQ Systems, Inc.(b)		120,635
	700	ePlus, Inc.(b)		11,004
	400	Equinix, Inc.(b)		38,492
	3,800	Equity Lifestyle Properties, Inc. REIT		183,616
	900	Equity One, Inc.		15,075
	8,400	eResearch Technology, Inc.(b)		51,660
	1,380	Erie Indemnity Co. - Class A		53,820
	4,229	ESCO Technologies, Inc.		138,246
	400	ESSA Bancorp, Inc.		4,740
	300	Essex Property Trust, Inc. REIT		23,907
	85,000	Estee Lauder Cos., Inc. (The) - Class A		4,464,200
	5,529	Esterline Technologies Corp.(b)		208,775
	3,700	Ethan Allen Interiors, Inc.		53,613
	6,100	Euronet Worldwide, Inc.(b)		124,562
	184,177	ev3, Inc.(b)		2,685,301
	300	Evercore Partners, Inc. - Class A		8,961
	7,201	Evergreen Energy, Inc.(b)		2,088
	16,000	Evergreen Solar, Inc.(b)		23,040
	3,400	EW Scripps Co. - Class A(b)		23,120
	2,600	Exactech, Inc.		41,990
	21,600	Exar Corp.(b)		151,848
	5,800	EXCO Resources, Inc.		101,732
	14,780	Exelixis, Inc.(b)		97,991
	4,500	Exide Technologies(b)		34,785
	1,200	ExlService Holdings, Inc.(b)		21,780
	2,613	Exponent, Inc.(b)		70,316
	730	ExpressJet Holdings, Inc.(b)		2,555
	4,100	Exterran Holdings, Inc.(b)		83,148
	9,100	Extra Space Storage, Inc.		103,285
	28,831	Extreme Networks(b)		71,213
	2,700	Ezcorp, Inc. - Class A(b)		49,032
	1,600	F5 Networks, Inc.(b)		79,088
	3,200	Factset Research Systems, Inc.		201,600
	1,800	Fair Isaac Corp.		39,474
	7,500	Fairchild Semiconductor International, Inc.(b)		67,350
	8,500	FalconStor Software, Inc.(b)		29,410

65

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	7,406	Farmer Bros. Co.	$	127,309
	103,300	FARO Technologies, Inc.(b)		1,866,631
	3,995	FBL Financial Group, Inc. - Class A		71,670
	100	Federal Agricultural Mortgage Corp. - Class A		689
	4,392	Federal Agricultural Mortgage Corp. - Class C		33,204
	4,100	Federal Mogul Corp.(b)		67,158
	7,400	Federal Signal Corp.		48,026
	2,700	Federated Investors, Inc. - Class B		68,526
	130,400	FEI Co.(b)		2,712,320
	2,700	FelCor Lodging Trust, Inc. REIT(b)		10,206
	5,500	Ferro Corp.		42,680
	800	FGX International Holdings Ltd.(b)		15,720
	530	FiberTower Corp.(b)		2,321
	5,286	Financial Federal Corp.		144,096
	3,812	Finisar Corp.(b)		39,264
	8,591	Finish Line (The) - Class A		95,274
	10,276	First Acceptance Corp.(b)		19,730
	6,702	First American Corp.		198,178
	5,200	First Bancorp		80,496
	2,700	First Busey Corp.		9,585
	5,286	First Cash Financial Services, Inc.(b)		120,679
	400	First Citizens BancShares, Inc. - Class A		67,084
	10,800	First Commonwealth Financial Corp.		63,288
	3,860	First Community Bancshares, Inc.		45,008
	400	First Defiance Financial Corp.		4,224
	13,100	First Financial Bancorp		214,840
	2,400	First Financial Bankshares, Inc.		127,320
	4,458	First Financial Corp.		123,041
	4,269	First Financial Holdings, Inc.		50,332
	700	First Financial Northwest, Inc.		4,333
	13,637	First Horizon National Corp.(b)		176,599
	4,300	First Industrial Realty Trust, Inc.(b)		22,016
	3,300	First Marblehead Corp. (The)(b)		7,062
	3,192	First Merchants Corp.		21,578
	175,800	First Mercury Financial Corp.(d)		2,304,738
	157,570	First Midwest Bancorp, Inc.		2,075,197
	14,700	First Niagara Financial Group, Inc.		201,831
	2,958	First Place Financial Corp.		9,259
	4,900	First Potomac Realty Trust REIT		66,640
	8,511	FirstMerit Corp.		174,390
	4,300	Fisher Communications, Inc.(b)		55,298
	9,900	Five Star Quality Care, Inc.(b)		31,284
	800	Flagstar Bancorp, Inc.(b)		504
	4,800	Flanders Corp.(b)		16,752
Shares			Value
UNITED STATES (continued)
	9,800	Fleetwood Enterprises, Inc.(b)	$	20
	2,800	Flotek Industries, Inc.(b)		4,144
	6,200	Flow International Corp.(b)		21,142
	196,000	Flowers Foods, Inc.		4,760,840
	5,205	Flushing Financial Corp.		63,761
	13,581	FNB Corp.		96,289
	15,100	Foot Locker, Inc.		170,479
	4,500	Forest City Enterprises, Inc. - Class A(b)		50,895
	900	Forest Oil Corp.(b)		21,708
	6,862	Formfactor, Inc.(b)		106,155
	4,500	Forrester Research, Inc.(b)		121,905
	1,800	Forward Air Corp.		42,534
	2,300	Fossil, Inc.(b)		75,095
	2,197	FPIC Insurance Group, Inc.(b)		83,376
	3,100	Franklin Bank Corp.(b)		12
	1,600	Franklin Covey Co.(b)		8,384
	2,500	Franklin Electric Co., Inc.		65,075
	5,100	Fred’s, Inc. - Class A		51,153
	1,000	FreightCar America, Inc.		19,500
	14,700	Frontier Communications Corp.		111,867
	710	Frontier Financial Corp.(b)		3,025
	2,800	Frontier Oil Corp.		34,888
	1,100	FTI Consulting, Inc.(b)		45,595
	4,700	Fuel Systems Solutions, Inc.(b)		167,508
	1,000	Fuel Tech, Inc.(b)		7,330
	11,300	FuelCell Energy, Inc.(b)		31,866
	14,800	Fulton Financial Corp.		136,752
	11,970	Furmanite Corp.(b)		38,902
	6,800	Furniture Brands International, Inc.(b)		35,088
	6,000	FX Energy, Inc.(b)		17,760
	2,510	G&K Services, Inc. - Class A		62,750
	500	Gaiam, Inc. - Class A(b)		3,225
	800	GAMCO Investors, Inc. - Class A		32,856
	5,500	Gannett Co., Inc.		88,825
	7,700	Gardner Denver, Inc.		306,845
	2,900	Gartner Group, Inc.(b)		62,060
	3,912	GATX Corp.		102,573
	5,000	Gaylord Entertainment Co.(b)		96,200
	6,600	Geeknet, Inc.(b)		8,448
	3,300	Genco Shipping & Trading Ltd.(b)		63,228
	500	GenCorp, Inc.(b)		2,800
	3,100	General Cable Corp.(b)		90,210
	11,363	General Communication, Inc. - Class A(b)		67,383
	4,500	General Maritime Corp.		34,830
	9,100	General Moly, Inc.(b)		21,385
	3,800	Genesco, Inc.(b)		89,604
	3,700	Genesee & Wyoming, Inc. - Class A(b)		109,039
	134,000	Genomic Health, Inc.(b)		2,215,020
	200	Genoptix, Inc.(b)		6,512
	200,500	Gen-Probe, Inc.(b)		8,607,465

66

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	4,400	Gentex Corp.	$	84,348
	13,824	Gentiva Health Services, Inc.(b)		353,065
	8,500	Genworth Financial, Inc. - Class A(b)		117,640
	6,500	Geo Group, Inc. (The)(b)		120,250
	2,100	GeoEye, Inc.(b)		53,907
	300	Geokinetics, Inc.(b)		2,940
	2,500	GeoMet, Inc.(b)		2,725
	1,408	Georesources, Inc.(b)		17,994
	1,400	Gerber Scientific, Inc.(b)		6,860
	72,800	Gerdau Ameristeel Corp.		545,362
	340	German American Bancorp, Inc.		5,052
	17,291	Geron Corp.(b)		93,544
	4,400	GFI Group, Inc.		21,428
	7,600	Gibraltar Industries, Inc.(b)		105,944
	3,200	G-III Apparel Group Ltd.(b)		55,712
	4,600	Glacier Bancorp, Inc.		65,964
	5,800	Glatfelter		80,040
	1,600	Global Cash Access Holdings, Inc.(b)		12,960
	4,900	Global Industries Ltd.(b)		34,153
	100,045	Global Payments, Inc.		4,452,002
	1,200	Globecomm Systems, Inc.(b)		8,724
	4,500	GMX Resources, Inc.(b)		47,655
	80,400	Golden Star Resources Ltd.(b)		220,315
	102,100	Goodrich Petroleum Corp.		2,126,743
	200	Goodyear Tire & Rubber Co. (The)(b)		2,668
	1,493	Gorman-Rupp Co. (The)		36,175
	1,400	GP Strategies Corp.(b)		10,360
	1,400	Graco, Inc.		37,366
	17,000	GrafTech International Ltd.(b)		213,520
	750	Graham Corp.		11,910
	5,600	Granite Construction, Inc.		172,928
	32,700	Graphic Packaging Holding Co.(b)		110,526
	7,400	Gray Television, Inc.(b)		14,652
	100	Gray Television, Inc. - Class A(b)		202
	6,500	Great Atlantic & Pacific Tea Co.(b)		48,685
	3,300	Great Lakes Dredge & Dock Corp.		19,503
	500	Great Plains Energy, Inc.		8,930
	1,800	Great Southern Bancorp, Inc.		40,446
	15,220	Great Wolf Resorts, Inc.(b)		35,158
	8,200	Greatbatch, Inc.(b)		161,130
	1,412	Green Bankshares, Inc.		7,978
	7,047	Green Mountain Coffee Roasters, Inc.(b)		597,727
	8,000	Greenbrier Cos., Inc.(b)		65,200
	2,500	Greenhill & Co., Inc.		194,500
	1,080	Greif, Inc. - Class A		52,229
	10,670	Griffon Corp.(b)		126,013
	5,300	Group 1 Automotive, Inc.(b)		153,700
	5,100	GSI Commerce, Inc.(b)		116,076
Shares			Value
UNITED STATES (continued)
	800	GSI Technology, Inc.(b)	$	3,568
	500	GTx, Inc.(b)		2,045
	19,152	Guaranty Bancorp(b)		27,770
	2,300	Guess?, Inc.		91,333
	3,446	Gulf Island Fabrication, Inc.		60,167
	3,400	Gulfmark Offshore, Inc.(b)		83,470
	37,432	Gulfport Energy Corp.(b)		387,047
	1,900	Gymboree Corp.(b)		74,119
	1,100	H&E Equipment Services, Inc.(b)		11,671
	1,700,000	H&R Block, Inc.		36,584,000
	2,600	Hackett Group, Inc. (The)(b)		6,032
	2,500	Haemonetics Corp.(b)		141,525
	307,288	Hain Celestial Group, Inc.(b)		4,913,535
	4,996	Hallmark Financial Services(b)		39,219
	10,200	Halozyme Therapeutics, Inc.(b)		55,284
	4,278	Hancock Holding Co.		175,141
	2,800	Hanesbrands, Inc.(b)		64,316
	2,900	Hanger Orthopedic Group, Inc.(b)		47,154
	4,768	Hanmi Financial Corp.(b)		9,488
	4,600	Hanover Insurance Group, Inc. (The)		195,132
	1,100	Hansen Natural Corp.(b)		42,295
	3,500	Hardinge, Inc.		18,235
	4,623	Harleysville Group, Inc.		149,323
	12,314	Harleysville National Corp.		78,686
	2,540	Harman International Industries, Inc.		90,297
	10,900	Harmonic, Inc.(b)		66,163
	11,100	Harris Interactive, Inc.(b)		14,763
	4,200	Harsco Corp.		124,992
	2,400	Harte-Hanks, Inc.		25,344
	1,484	Harvard Bioscience, Inc.(b)		5,120
	13,098	Harvest Natural Resources, Inc.(b)		58,810
	2,600	Haverty Furniture Cos., Inc.		32,058
	6,230	Hawaiian Electric Industries, Inc.		123,229
	15,300	Hawaiian Holdings, Inc.(b)		90,882
	800	Hawk Corp. - Class A(b)		13,896
	400	Haynes International, Inc.		11,716
	9,600	HB Fuller Co.		192,192
	372,601	HCC Insurance Holdings, Inc.		10,097,487
	5,800	Headwaters, Inc.(b)		31,842
	8,200	Health Management Associates, Inc. - Class A(b)		54,448
	9,200	Health Net, Inc.(b)		223,192
	354,300	Healthcare Realty Trust, Inc. REIT		7,429,671
	4,050	Healthcare Services Group, Inc.		83,025
	2,000	Healthsouth Corp.(b)		36,020
	4,000	Healthspring, Inc.(b)		69,560
	7,208	HealthTronics, Inc.(b)		20,254
	65,300	Healthways, Inc.(b)		1,114,018
	16,533	Heartland Express, Inc.		229,643

67

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	900	Heartland Financial USA, Inc.	$	12,555
	3,200	Heartland Payment Systems, Inc.		45,664
	20,100	Hecla Mining Co.(b)		91,656
	1,300	Heico Corp.		55,289
	3,300	Heico Corp. - Class A		111,342
	3,600	Heidrick & Struggles International, Inc.		91,548
	5,300	Helix Energy Solutions Group, Inc.(b)		56,233
	1,054,150	Henry Schein, Inc.(b)		56,976,808
	6,900	Hercules Offshore, Inc.(b)		26,910
	4,505	Heritage Commerce Corp.		17,119
	3,300	Herman Miller, Inc.		55,737
	5,200	Hersha Hospitality Trust		18,928
	110,000	Hershey Co. (The)		4,007,300
	13,600	Hertz Global Holdings, Inc.(b)		140,896
	2,500	Hewitt Associates, Inc. - Class A(b)		98,700
	3,200	Hexcel Corp.(b)		35,200
	1,000	hhgregg, Inc.(b)		21,300
	1,950	Hibbett Sports, Inc.(b)		41,379
	3,000	Highwoods Properties, Inc.		90,630
	6,400	Hill International, Inc.(b)		37,760
	1,700	Hillenbrand, Inc.		31,195
	1,700	Hill-Rom Holdings, Inc.		39,729
	6,800	Hilltop Holdings, Inc.(b)		76,976
	600	Hi-Tech Pharmacal Co., Inc.(b)		12,924
	2,000	Hittite Microwave Corp.(b)		74,360
	120,000	HJ Heinz Co.		5,235,600
	4,000	HMS Holdings Corp.(b)		180,360
	1,800	HNI Corp.		45,036
	2,700	Holly Corp.		70,470
	285,000	Hologic, Inc.(b)		4,294,950
	7,236	Home Bancshares, Inc.		177,861
	500	Home Diagnostics, Inc.(b)		3,060
	2,215	Home Federal Bancorp, Inc.		29,460
	200	Home Properties, Inc.		8,866
	1,100	Hooker Furniture Corp.		13,981
	3,200	Horace Mann Educators Corp.		38,368
	1,725	Horizon Financial Corp.(b)		38
	1,173	Horizon Lines, Inc. - Class A		5,560
	3,500	Hornbeck Offshore Services, Inc.(b)		75,285
	2,000	Horsehead Holding Corp.(b)		19,600
	1,000	Hospitality Properties Trust		22,120
	10,500	Hot Topic, Inc.(b)		60,375
	800	Houston Wire & Cable Co.		9,624
	300	HQ Sustainable Maritime Industries, Inc.(b)		2,112
	1,800	HRPT Properties Trust		12,006
	2,200	HSN, Inc.(b)		42,108
	2,450	HUB Group, Inc. - Class A(b)		59,070
	2,200	Hubbell, Inc. - Class B		94,732
	5,000	Hudson Highland Group, Inc.(b)		20,450
Shares			Value
UNITED STATES (continued)
	1,900	Hughes Communications, Inc.(b)	$	49,191
	5,800	Human Genome Sciences, Inc.(b)		153,526
	49,800	Huntington Bancshares, Inc.		238,542
	13,935	Huntsman Corp.		169,868
	2,200	Hurco Cos., Inc.(b)		36,872
	1,500	Huron Consulting Group, Inc.(b)		35,760
	12,900	Hutchinson Technology, Inc.(b)		86,817
	26,200	Hypercom Corp.(b)		89,866
	10,750	IAC/InterActiveCorp(b)		215,860
	1,500	IBERIABANK Corp.		80,160
	600	ICF International, Inc.(b)		14,046
	3,500	ICO, Inc.		27,020
	9,298	Iconix Brand Group, Inc.(b)		117,341
	4,800	ICU Medical, Inc.(b)		166,944
	5,900	IDACORP, Inc.		184,965
	11,282	Idenix Pharmaceuticals, Inc.(b)		31,590
	4,412	Idera Pharmaceuticals, Inc.(b)		21,133
	430,101	IDEX Corp.		12,137,450
	1,600	Idexx Laboratories, Inc.(b)		83,984
	466	IDT Corp.(b)		1,715
	2,966	IDT Corp. - Class B(b)		13,199
	19,100	iGate Corp.		192,910
	136,800	IHS, Inc. - Class A(b)		7,036,992
	3,097	II-VI, Inc.(b)		82,814
	50,000	Illumina, Inc.(b)		1,834,500
	5,200	Imation Corp.(b)		46,488
	1,700	Immersion Corp.(b)		7,531
	152,600	Immucor, Inc.(b)		2,830,730
	9,578	Immunogen, Inc.(b)		66,950
	5,780	Immunomedics, Inc.(b)		19,363
	2,100	Impax Laboratories, Inc.(b)		27,930
	2,000	Imperial Sugar Co.		32,780
	5,200	IMS Health, Inc.		112,528
	8,264	Incyte Corp.(b)		88,260
	800	Independence Holding Co.		6,504
	4,800	Independent Bank Corp./MA		111,840
	3,098	Independent Bank Corp./MI		2,262
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		9,504
	3,200	Infinera Corp.(b)		21,920
	200	Infinity Pharmaceuticals, Inc.(b)		1,222
	3,520	Infinity Property & Casuality Corp.		139,603
	7,030	InfoGROUP, Inc.(b)		54,201
	6,000	Informatica Corp.(b)		142,140
	7,900	Infospace, Inc.(b)		73,233
	1,712	Ingles Markets, Inc. - Class A		24,242
	12,500	Ingram Micro, Inc. - Class A(b)		211,250
	5,400	Inland Real Estate Corp.		45,576
	2,500	Innerworkings, Inc.(b)		14,325
	1,200	Innophos Holdings, Inc.		23,472

68

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,400	Innovative Solutions & Support, Inc.(b)	$	13,770
	5,800	Insight Enterprises, Inc.(b)		66,758
	10,019	Insituform Technologies, Inc. - Class A(b)		205,189
	10,355	Inspire Pharmaceuticals, Inc.(b)		57,056
	9,000	Insteel Industries, Inc.		88,920
	1,000	Insulet Corp.(b)		13,630
	2,517	Integra Bank Corp.		1,787
	152,759	Integra LifeScience Holdings Corp.(b)		5,865,946
	2,354	Integral Systems, Inc.(b)		17,467
	8,500	Integrated Device Tech(b)		48,195
	3,084	Integrated Electrical Services, Inc.		15,852
	6,153	Integrated Silicon Solutions, Inc.(b)		35,503
	300	Integrys Energy Group, Inc.		12,555
	5,653	Inter Parfums, Inc.		75,241
	227,900	Interactive Data Corp.		6,524,777
	1,400	Interactive Intelligence, Inc.(b)		24,220
	8,502	InterDigital, Inc.(b)		210,765
	6,890	Interface, Inc. - Class A		55,878
	5,000	Interline Brands, Inc.(b)		84,000
	6,500	Intermec, Inc.(b)		86,255
	6,500	InterMune, Inc.(b)		101,465
	5,000	Internap Network Services Corp.(b)		22,250
	600	International Assets Holding Corp.(b)		8,934
	6,540	International Bancshares Corp.		136,294
	11,900	International Coal Group, Inc.(b)		42,483
	1,700	International Flavors & Fragrances, Inc.		67,609
	2,300	International Rectifier Corp.(b)		41,492
	28,200	International Royalty Corp.		189,099
	2,400	International Speedway Corp. - Class A		61,704
	3,133	Internet Brands, Inc. - Class A(b)		24,531
	8,400	Internet Capital Group, Inc.(b)		52,332
	13,135	Interpublic Group of Cos., Inc.(b)		84,852
	8,300	Intersil Corp. - Class A		111,801
	4,100	Interstate Hotels & Resorts, Inc.(b)		9,102
	2,100	Interval Leisure Group, Inc.(b)		26,712
	1,500	Intervest Bancshares Corp. - Class A(b)		6,000
	5,200	Intevac, Inc.(b)		73,996
	1,600	Intrepid Potash, Inc.(b)		39,184
	1,449	Introgen Therapeutics, Inc.(b)		13
	95,000	Intuit, Inc.(b)		2,812,950
	3,800	Invacare Corp.		95,152
	3,800	inVentiv Health, Inc.		58,406
Shares			Value
UNITED STATES (continued)
	7,573	Inverness Medical Innovations, Inc.(b)	$	305,722
	8,100	Investment Technology Group, Inc.(b)		166,050
	9,228	Investors Bancorp, Inc.(b)		109,167
	11,563	ION Geophysical Corp.(b)		54,924
	2,400	Iowa Telecommunications Services, Inc.		39,264
	200	IPC The Hospitalist Co, Inc.(b)		6,798
	1,600	IPG Photonics Corp.(b)		23,040
	3,100	IRIS International, Inc.(b)		32,085
	7,400	iRobot Corp.(b)		116,920
	3,600	Irwin Financial Corp.(b)		50
	1,800	Isilon Systems, Inc.(b)		11,142
	10,035	Isis Pharmaceuticals, Inc.(b)		111,991
	5,400	Isle of Capri Casinos, Inc.(b)		43,470
	1,000	ITC Holdings Corp.		53,720
	2,600	Itron, Inc.(b)		160,004
	105,000	ITT Corp.		5,072,550
	5,800	Ixia(b)		43,036
	13,776	IXYS Corp.(b)		95,881
	3,500	J & J Snack Foods Corp.		146,335
	1,800	J Crew Group, Inc.(b)		70,578
	4,400	j2 Global Communications, Inc.		90,376
	12,350	Jabil Circuit, Inc.		178,828
	153,100	Jack Henry & Associates, Inc.		3,362,076
	6,086	Jack in the Box, Inc.(b)		118,738
	3,900	Jackson Hewitt Tax Service, Inc.(b)		10,686
	5,200	Jaguar Mining, Inc.(b)		51,015
	5,793	Jakks Pacific, Inc.		63,723
	500	James River Coal Co.(b)		7,825
	5,000	Janus Capital Group, Inc.		61,050
	8,000	Javelin Pharmaceuticals, Inc.(b)		9,600
	1,379,500	JC Penney Co., Inc.		34,252,985
	4,925	JDA Software Group, Inc.(b)		129,079
	8,100	JDS Uniphase Corp.(b)		63,666
	26,200	JetBlue Airways Corp.(b)		129,428
	500	JMP Group, Inc.		3,885
	6,500	Jo-Ann Stores, Inc.(b)		227,630
	200	John B. Sanfilippo & Son, Inc.(b)		3,050
	900	John Bean Technologies Corp.		14,841
	201,200	John Wiley & Sons, Inc. - Class A		8,400,100
	1,214,988	Johnson Controls, Inc.		33,813,116
	5,900	Jones Apparel Group, Inc.		85,196
	2,800	Jones Lang LaSalle, Inc.		159,628
	5,425	Jos. A. Bank Clothiers, Inc.(b)		227,362
	2,223	Journal Communications, Inc. - Class A		7,825
	151,100	K12, Inc.(b)		3,020,489
	4,500	Kadant, Inc.(b)		68,490
	2,300	Kaiser Aluminum Corp.		80,845
	4,647	Kaman Corp.		115,664
	9,200	Kansas City Southern(b)		273,240

69

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	100	Kapstone Paper and Packaging Corp.(b)	$	924
	33,200	Kaydon Corp.		1,085,308
	4,000	KB Home		61,120
	1,333	KBR, Inc.		24,967
	1,100	KBW, Inc.(b)		29,216
	9,900	Kearny Financial Corp.		96,030
	1,100	Keithley Instruments, Inc.		5,973
	80,000	Kellogg Co.		4,353,600
	3,800	Kelly Services, Inc. - Class A(b)		49,856
	19,377	Kemet Corp.(b)		28,290
	2,700	Kendle International, Inc.(b)		54,648
	5,700	Kenexa Corp.(b)		56,544
	6,800	Kennametal, Inc.		166,464
	2,700	Kenneth Cole Productions, Inc. - Class A(b)		27,648
	3,349	Kensey Nash Corp.(b)		81,113
	8,413	Key Energy Services, Inc.(b)		81,354
	4,600	Keynote Systems, Inc.		44,482
	1,200	K-Fed Bancorp		10,632
	7,725	Kforce, Inc.(b)		103,283
	4,300	Kid Brands, Inc.(b)		21,457
	300	Kilroy Realty Corp.		8,667
	6,000	Kimball International, Inc. - Class B		47,280
	5,900	Kindred Healthcare, Inc.(b)		99,769
	2,500	Kinetic Concepts, Inc.(b)		103,225
	22,170	King Pharmaceuticals, Inc.(b)		266,262
	5,000	Kirby Corp.(b)		162,200
	800	Kirkland’s, Inc.(b)		12,368
	2,900	Kite Realty Group Trust.		10,991
	11,200	Knight Capital Group, Inc. - Class A(b)		175,168
	9,550	Knight Transportation, Inc.		172,855
	3,800	Knoll, Inc.		42,788
	2,500	Knology, Inc.(b)		27,300
	6,000	Knot, Inc. (The)(b)		54,900
	20,958	Kopin Corp.(b)		86,137
	400	Koppers Holdings, Inc.		11,168
	6,100	Korn/Ferry International(b)		90,280
	3,611	Kratos Defense & Security Solutions, Inc.(b)		34,341
	11,800	Krispy Kreme Doughnuts, Inc.(b)		33,276
	6,100	Kronos Worldwide, Inc.(b)		89,121
	3,800	K-Swiss, Inc. - Class A(b)		34,504
	9,437	Kulicke & Soffa Industries, Inc.(b)		43,505
	1,900	KV Pharmaceutical Co. - Class A(b)		6,555
	300	KV Pharmaceutical Co. - Class B(b)		1,158
	900	KVH Industries, Inc.(b)		11,700
	10,076	L-1 Indentity Solutions, Inc.(b)		75,469
	3,500	LaBarge, Inc.(b)		38,430
	50,000	Laboratory Corp. of America Holdings(b)		3,555,000
Shares			Value
UNITED STATES (continued)
	4,100	Laclede Group, Inc. (The)	$	132,266
	3,233	Ladish Co., Inc.(b)		49,950
	2,000	Lakeland Bancorp, Inc.		13,760
	2,963	Lakeland Financial Corp.		54,964
	2,000	Lakes Entertainment, Inc.(b)		4,980
	2,800	Lamar Advertising Co. - Class A(b)		80,080
	19,500	Lancaster Colony Corp.		1,063,725
	166,129	Lance, Inc.		3,694,709
	2,900	Landauer, Inc.		171,506
	5,974	Landec Corp.(b)		37,935
	700	Landry’s Restaurants, Inc.(b)		14,518
	211,600	Landstar System, Inc.		7,678,964
	1,200	Lannett Co., Inc.(b)		7,020
	4,700	LaSalle Hotel Properties		94,705
	11,403	Lattice Semiconductor Corp.(b)		29,534
	26,300	Lawson Software, Inc.(b)		159,378
	3,270	Layne Christensen Co.(b)		82,829
	17,100	La-Z-Boy, Inc.(b)		173,565
	700	LB Foster Co. - Class A(b)		18,886
	2,543	LCA-Vision, Inc.(b)		14,800
	600	Leap Wireless International, Inc.(b)		7,914
	8,400	Leapfrog Enterprises, Inc.(b)		27,804
	700	Learning Tree International, Inc.(b)		7,714
	6,900	LECG Corp.(b)		19,665
	3,700	Lee Enterprises, Inc.(b)		15,688
	371	Legacy Bancorp, Inc.		3,558
	9,600	Leggett & Platt, Inc.		175,296
	1,200	Lender Processing Services, Inc.		46,512
	14,500	Lennar Corp. - Class A		222,720
	1,600	Lennar Corp. - Class B		19,504
	2,800	Lennox International, Inc.		107,016
	372,000	Lenovo Group Ltd.		257,297
	14,300	Lexicon Pharmaceuticals, Inc.(b)		25,454
	8,420	Lexington Realty Trust		50,099
	4,000	Lexmark International, Inc. - Class A(b)		103,160
	6,300	LHC Group, Inc.(b)		193,977
	2,600	Libbey, Inc.(b)		26,806
	7,717	Liberty Media Corp. - Capital, Series A(b)		199,793
	2,248	Life Partners Holdings, Inc.		44,690
	70,000	Life Technologies Corp.(b)		3,479,700
	3,600	Life Time Fitness, Inc.(b)		86,220
	3,100	Lifepoint Hospitals, Inc.(b)		92,938
	1,291	Lifeway Foods, Inc.(b)		15,427
	1,784	Ligand Pharmaceuticals, Inc., Class B(b)		3,158
	3,900	Limelight Networks, Inc.(b)		13,650
	5,430	Lin TV Corp. - Class A(b)		25,901
	3,900	Lincare Holdings, Inc.(b)		143,598
	4,964	Lincoln Educational Services Corp.(b)		102,854

70

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,457	Lincoln Electric Holdings, Inc.	$	71,145
	1,400	Lindsay Corp.		56,336
	7,831	Lionbridge Technologies(b)		18,168
	3,533	Liquidity Services, Inc.(b)		37,344
	1,200	Lithia Motors, Inc. - Class A(b)		9,360
	3,900	Littelfuse, Inc.(b)		117,234
	10,400	Live Nation, Inc.(b)		119,288
	8,200	Liz Claiborne, Inc.(b)		39,934
	6,300	LKQ Corp.(b)		118,125
	5,500	LMI Aerospace, Inc.(b)		69,795
	589	LodgeNet Interactive Corp.(b)		3,222
	12,200	Lodgian, Inc.(b)		30,012
	2,500	LoJack Corp.(b)		10,700
	1,300	LoopNet, Inc.(b)		12,194
	4,124	Loral Space & Communications, Inc.(b)		117,410
	14,100	Louisiana-Pacific Corp.(b)		100,251
	3,500	LSB Industries, Inc.(b)		46,025
	5,200	LSI Corp.(b)		25,948
	10,598	LSI Industries, Inc.		63,164
	12,379	LTX-Credence Corp.(b)		31,071
	12,972	Luby’s, Inc.(b)		44,494
	1,600	Lufkin Industries, Inc.		101,408
	800	Lumber Liquidators Holdings, Inc.(b)		18,944
	254,995	Luminex Corp.		3,450,082
	4,000	M&F Worldwide Corp.(b)		145,160
	5,100	M/I Homes, Inc.(b)		52,632
	1,365	Macatawa Bank Corp.(b)		2,539
	200	Mac-Gray Corp.(b)		1,792
	700	Mack-Cali Realty Corp. REIT		22,834
	2,600	Magellan Health Services, Inc.(b)		102,648
	5,840	Magma Design Automation, Inc.(b)		14,074
	3,400	Maguire Properties, Inc.(b)		5,576
	2,600	Maidenform Brands, Inc.(b)		38,870
	9,256	MainSource Financial Group, Inc.		51,001
	2,700	Manhattan Associates, Inc.(b)		56,619
	7,600	Manitowoc Co., Inc. (The)		82,840
	3,100	Mannatech, Inc.		9,393
	2,700	MannKind Corp.(b)		27,324
	2,600	Mantech International Corp - Class A(b)		124,566
	300	MAP Pharmaceuticals, Inc.(b)		4,503
	5,529	Marchex, Inc. - Class B		30,354
	7,700	Marcus Corp.		86,086
	7,700	Marine Products Corp.(b)		38,962
	3,400	MarineMax, Inc.(b)		30,702
	10,300	Mariner Energy, Inc.(b)		148,835
	690	Markel Corp.(b)		224,257
	5,700	MarketAxess Holdings, Inc.		77,691
	2,545	Marlin Business Services Corp.(b)		24,992
	16,300	Marshall & Ilsley Corp.		112,633
Shares			Value
UNITED STATES (continued)
	142,100	Martek Biosciences Corp.(b)	$	3,060,834
	10,800	Marten Transport Ltd.(b)		190,188
	151,300	Masimo Corp.(b)		4,200,088
	5,400	Massey Energy Co.		208,008
	7,400	MasTec, Inc.(b)		90,946
	1,273	Mastech Holdings, Inc.(b)		6,174
	4,100	Matrix Service Co.(b)		41,369
	153,593	Matthews International Corp. - Class A		5,199,123
	15,915	Mattson Technology, Inc.(b)		52,520
	800	Maui Land & Pineapple Co., Inc.(b)		2,488
	2,900	MAXIMUS, Inc.		138,794
	4,300	Maxwell Technologies, Inc.(b)		62,780
	13,389	Maxygen, Inc.(b)		74,845
	5,386	MB Financial, Inc.		109,228
	14,100	MBIA, Inc.(b)		69,513
	2,056	MBT Financial Corp.		3,660
	1,200	McClatchy Co. (The) - Class A		6,420
	2,069,624	McCormick & Co., Inc.		75,127,351
	2,857	McCormick & Schmick’s Seafood Restaurants, Inc.(b)		23,627
	7,500	MCG Capital Corp.(b)		34,425
	4,700	Mcgrath Rentcorp		99,029
	6,700	McMoRan Exploration Co.(b)		101,907
	2,600	MDC Holdings, Inc.		87,360
	4,211	MDRNA, Inc.(b)		3,916
	6,300	Meadowbrook Insurance Group, Inc.		42,525
	2,070	MeadWestvaco Corp.		49,825
	900	Measurement Specialties, Inc.(b)		10,728
	201,400	MedAssets, Inc.(b)		4,076,336
	7,932	Medcath Corp.(b)		53,858
	2,700	Media General, Inc. - Class A(b)		22,005
	7,487	Mediacom Communications Corp. - Class A(b)		31,146
	5,600	Medical Action Industries, Inc.(b)		75,992
	800	Medical Properties Trust, Inc. REIT		8,008
	3,100	Medicines Co. (The)(b)		25,699
	3,400	Medicis Pharmaceutical Corp. - Class A		78,574
	5,900	Medivation, Inc.(b)		196,411
	1,900	Mednax, Inc.(b)		108,034
	1,800	MedQuist, Inc.		12,294
	500	MEMSIC, Inc.(b)		1,610
	7,300	Men’s Wearhouse, Inc.		147,095
	15,900	Mentor Graphics Corp.(b)		127,518
	1,700	Mercury Computer Systems, Inc.(b)		20,298
	2,260	Mercury General Corp.		86,377
	1,800	Meredith Corp.		55,764
	181,751	Meridian Bioscience, Inc.		3,642,290

71

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	411	Meridian Interstate Bancorp, Inc.(b)	$	3,913
	44,200	Meridian Resource Corp.(b)		12,376
	7,900	Merit Medical Systems, Inc.(b)		140,857
	2,600	Meritage Homes Corp.(b)		58,214
	6,700	Mesa Air Group, Inc.(b)		362
	900	Metabolix, Inc.(b)		8,973
	1,600	Metalico, Inc.(b)		7,888
	5,414	Methode Electronics, Inc.		59,500
	66,000	Mettler-Toledo International, Inc.(b)		6,433,020
	7,600	MF Global Holdings Ltd.(b)		49,780
	2,600	MGE Energy, Inc.		86,918
	1,400	MGIC Investment Corp.(b)		8,470
	300	MGP Ingredients, Inc.(b)		1,971
	2,200	Michael Baker Corp.		85,822
	5,950	Micrel, Inc.		44,446
	1,500	Micromet, Inc.(b)		11,655
	3,400	Micros Systems, Inc.(b)		97,172
	2,200	Microsemi Corp.(b)		32,868
	200	MicroStrategy, Inc. - Class A(b)		18,744
	12,600	Microtune, Inc.(b)		27,972
	1,276	Microvision, Inc.(b)		2,475
	1,000	Micrus Endovascular Corp.(b)		16,780
	1,600	Mid-America Apartment Communities, Inc.		75,072
	1,000	Midas, Inc.(b)		8,250
	1,087	Middleby Corp.(b)		48,980
	900	Middlesex Water Co.		15,525
	3,580	Midwest Banc Holdings, Inc.(b)		1,360
	1,415	Miller Industries, Inc.(b)		15,862
	40,000	Millipore Corp.(b)		2,758,800
	4,400	Mine Safety Appliances Co.		105,996
	103,750	Minera Andes, Inc.(b)		69,862
	2,300	Minerals Technologies, Inc.		109,940
	7,357	MIPS Technologies, Inc.(b)		28,398
	12,300	Mirant Corp.(b)		173,061
	1,600	Mission West Properties		11,280
	10,081	MKS Instruments, Inc.(b)		167,345
	7,400	Mobile Mini, Inc.(b)		103,970
	3,800	Modine Manufacturing Co.(b)		36,138
	3,400	ModusLink Global Solutions, Inc.(b)		34,510
	5,300	Mohawk Industries, Inc.(b)		219,473
	4,800	Molex, Inc. - Class A		84,624
	5,200	Molina Healthcare, Inc.(b)		115,700
	115,000	Molson Coors Brewing Co. - Class B		4,830,000
	400	Momenta Pharmaceuticals, Inc.(b)		5,836
	5,500	Monaco Coach Corp.(b)		38
	4,400	Monarch Casino & Resort, Inc.(b)		31,460
	3,200	MoneyGram International, Inc.(b)		9,600
	400	Monmouth REIT - Class A		2,992
Shares			Value
UNITED STATES (continued)
	2,011	Monolithic Power Systems, Inc.(b)	$	41,467
	500	Monotype Imaging Holdings, Inc.(b)		4,515
	3,546	Monro Muffler, Inc.		121,344
	5,900	Monster Worldwide, Inc.(b)		91,981
	5,600	Moog, Inc. - Class A.(b)		169,008
	2,000	Morgans Hotel Group Co.(b)		8,020
	214,589	Morningstar, Inc.(b)		10,141,476
	3,600	Morton’s Restaurant Group, Inc.(b)		13,788
	4,900	MoSys, Inc.(b)		22,001
	3,218	Movado Group, Inc.(b)		35,173
	28,100	Move, Inc.(b)		49,175
	677	Movie Gallery, Inc.(b)(c)(d)		0
	25,329	MRV Communications, Inc.(b)		21,530
	1,200	MSC Industrial Direct Co. - Class A		51,828
	2,337	MSCI, Inc. - Class A(b)		69,082
	5,300	MTR Gaming Group, Inc.(b)		9,381
	1,100	MTS Systems Corp.		28,303
	5,200	Mueller Industries, Inc.		127,868
	13,353	Mueller Water Products, Inc. - Class A		60,222
	1,300	Multi-Fineline Electronix, Inc.(b)		31,031
	12,993	Multimedia Games, Inc.(b)		64,055
	1,200	MWI Veterinary Supply, Inc.(b)		45,288
	6,700	Myers Industries, Inc.		61,238
	800	MYR Group, Inc.(b)		12,688
	250,000	Myriad Genetics, Inc.(b)		5,875,000
	9,600	Nabi Biopharmaceuticals(b)		46,656
	785	NACCO Industries, Inc. - Class A		42,249
	78,000	Nalco Holding Co.		1,839,240
	3,500	Nanometrics, Inc.(b)		30,450
	6,800	Nara Bancorp, Inc.(b)		62,152
	1,900	Nash Finch Co.		65,550
	16,020	National Beverage Corp.		184,711
	1,100	National CineMedia, Inc.		16,478
	4,400	National Financial Partners Corp.(b)		37,180
	1,600	National Healthcare Corp.		58,752
	297,300	National Instruments Corp.		8,737,647
	109,300	National Interstate Corp.(d)		1,967,400
	10,386	National Penn Bancshares, Inc.		62,316
	200	National Presto Industries, Inc.		22,904
	6,472	National Retail Properties, Inc.		130,734
	3,100	National Semiconductor Corp.		41,106
	6,000	Natural Gas Services Group, Inc.(b)		94,260
	6,943	Natus Medical, Inc.(b)		94,217
	3,500	Nautilus, Inc.(b)		8,785
	8,500	Navigant Consulting, Inc.(b)		115,260
	137,124	Navigators Group, Inc.(b)		5,851,081
	1,900	Navistar International Corp.		70,281
	6,000	NBT Bancorp, Inc.		125,160

72

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	8,800	NBTY, Inc.(b)	$	391,864
	4,300	NCI Building Systems, Inc.(b)		8,471
	1,700	NCI, Inc. - Class A(b)		50,660
	3,700	NCR Corp.		44,289
	900	Neenah Paper, Inc.		12,528
	2,000	Nektar Therapeutics(b)		22,840
	4,700	Nelnet, Inc. - Class A		78,443
	4,174	Neogen Corp.(b)		88,698
	1,815,746	NetApp, Inc.(b)		52,892,681
	1,700	NetFlix, Inc.(b)		105,825
	5,229	Netgear, Inc.(b)		107,927
	1,400	Netlogic Microsystems, Inc.(b)		57,344
	12,000	Netscout Systems, Inc.(b)		168,480
	96,700	NetSuite, Inc.(b)		1,526,893
	9,600	Network Equipment Technologies, Inc.(b)		43,104
	177,200	NeuStar, Inc. - Class A(b)		3,979,912
	700	Neutral Tandem, Inc.(b)		10,822
	7,200	New Jersey Resources Corp.		262,728
	3,600	New York & Co., Inc.(b)		12,960
	2,800	New York Times Co. (The) - Class A(b)		36,176
	15,700	NewAlliance Bancshares, Inc.		182,748
	1,090	Newell Rubbermaid, Inc.		14,791
	1,100	NewMarket Corp.		99,242
	18,777	Newpark Resources, Inc.(b)		74,920
	8,760	Newport Corp.(b)		74,548
	6,800	Nextwave Wireless, Inc.(b)		3,056
	237,533	NIC, Inc.		2,014,280
	5,400	Nicor, Inc.		218,808
	100	Nighthawk Radiology Holdings, Inc.(b)		397
	14,600	NL Industries, Inc.		98,988
	2,440	NN, Inc.(b)		9,687
	3,800	Nordson Corp.		214,852
	125,000	Northern Trust Corp.		6,315,000
	1,900	Northfield Bancorp, Inc.		25,156
	14,395	Northwest Bancshares, Inc.		168,565
	2,700	Northwest Natural Gas Co.		117,099
	2,200	Northwest Pipe Co.(b)		52,624
	3,065	NorthWestern Corp.		74,939
	7,300	Novatel Wireless, Inc.(b)		54,604
	7,201	Novavax, Inc.(b)		15,626
	28,100	Novell, Inc.(b)		125,607
	4,200	Novellus Systems, Inc.(b)		87,780
	5,006	NPS Pharmaceuticals, Inc.(b)		17,121
	500	NTELOS Holdings Corp.		8,125
	6,500	Nu Skin Enterprises, Inc. - Class A		151,060
	300	Nutraceutical International Corp.(b)		3,897
	2,050	NutriSystem, Inc.		41,738
	78,850	NuVasive, Inc.(b)		2,176,260
	3,000	NxStage Medical, Inc.(b)		24,330
	1,200	Oceaneering International, Inc.(b)		65,640
Shares			Value
UNITED STATES (continued)
	2,207	OceanFirst Financial Corp.	$	22,865
	3,900	O’Charleys, Inc.(b)		28,860
	14,700	Ocwen Financial Corp.(b)		134,652
	11,900	Odyssey HealthCare, Inc.(b)		174,692
	14,300	Office Depot, Inc.(b)		81,224
	1,600	Officemax, Inc.(b)		20,752
	9,400	Oil States International, Inc.(b)		346,296
	4,000	Old Dominion Freight Line, Inc.(b)		110,000
	8,900	Old National Bancorp		107,156
	22,300	Old Republic International Corp.		236,157
	4,800	Old Second Bancorp, Inc.		28,416
	9,900	Olin Corp.		163,350
	1,000	Olympic Steel, Inc.		27,740
	3,800	OM Group, Inc.(b)		123,956
	5,200	Omega Healthcare Investors, Inc.		97,292
	6,100	Omega Protein Corp.(b)		26,230
	1,900	Omnicare, Inc.		47,500
	5,500	Omnicell, Inc.(b)		65,890
	1,748,500	Omnicom Group, Inc.		61,722,050
	6,300	Omnivision Technologies, Inc.(b)		81,270
	9,400	Omnova Solutions, Inc.(b)		53,204
	4,600	On Assignment, Inc.(b)		32,108
	48,525	ON Semiconductor Corp.(b)		349,865
	690	One Liberty Properties, Inc.(b)		6,251
	301	OneBeacon Insurance Group Ltd. - Class A		3,907
	7,300	Online Resources Corp.(b)		35,259
	3,100	Onyx Pharmacueticals, Inc.(b)		89,156
	13,916	Openwave Systems, Inc.(b)		31,033
	4,307	Opko Health, Inc.(b)		7,322
	4,300	Oplink Communications, Inc.(b)		63,855
	3,900	Opnet Technologies, Inc.		45,825
	2,100	Opnext, Inc.(b)		3,969
	300	Optimer Pharmaceuticals, Inc.(b)		3,696
	1,400	optionsXpress Holdings, Inc.		20,090
	16,565	OraSure Technologies, Inc.(b)		84,813
	5,000	Orbital Sciences Corp.(b)		79,050
	1,302	Orbitz Worldwide, Inc.(b)		7,994
	1,100	Orexigen Therapeutics, Inc.(b)		6,996
	700	Orion Marine Group, Inc.(b)		13,251
	700	Oritani Financial Corp.		9,177
	1,200	Ormat Technologies, Inc.		41,304
	13,200	Orthovita, Inc.(b)		48,048
	2,600	Oshkosh Corp.		93,782
	3,400	OSI Pharmaceuticals, Inc.(b)		116,348
	4,500	OSI Systems, Inc.(b)		119,115
	300	Osiris Therapeutics, Inc.(b)		2,397
	10,700	OTIX Global, Inc.(b)		9,095
	2,761	Otter Tail Corp.		59,638

73

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,000	Outdoor Channel Holdings, Inc.(b)	$	5,050
	2,300	Overseas Shipholding Group, Inc.		102,603
	1,900	Overstock.com, Inc.(b)		22,534
	1,700	Owens & Minor, Inc.		68,153
	10,600	Owens Corning, Inc.(b)		272,738
	2,929	Oxford Industries, Inc.		52,253
	800	OYO Geospace Corp.(b)		29,976
	2,700	P.F. Chang’s China Bistro, Inc.(b)		104,220
	5,786	Pacific Capital Bancorp		6,943
	300	Pacific Continental Corp.		3,045
	5,000	Pacific Sunwear of California(b)		17,600
	4,000	Packaging Corp. of America		88,160
	3,100	Pactiv Corp.(b)		69,905
	3,070	PacWest Bancorp		63,702
	4,500	PAETEC Holding Corp.(b)		14,265
	11,900	Pain Therapeutics, Inc.(b)		62,951
	75,000	Pall Corp.		2,585,250
	11,344	Palm Harbor Homes, Inc.(b)		23,255
	19,600	Palm, Inc.(b)		203,644
	1,994	Palomar Medical Technologies, Inc.(b)		18,345
	29,600	Panera Bread Co. - Class A(b)		2,114,032
	500	Panhandle Oil and Gas, Inc. - Class A		11,575
	5,800	Pantry, Inc. (The)(b)		78,126
	2,400	Papa John’s International, Inc.(b)		56,640
	2,100	Par Pharmaceutical Cos., Inc.(b)		55,272
	300	PAR Technology Corp.(b)		1,737
	5,200	Parametric Technology(b)		86,112
	9,000	Parexel International Corp.(b)		174,060
	7,600	Park Electrochemical Corp.		199,500
	1,900	Park National Corp.		104,120
	18,237	Parker Drilling Co.(b)		87,720
	3,500	Parkervision, Inc.(b)		5,600
	1,313	Park-Ohio Holdings Corp.(b)		12,001
	1,100	Parkway Properties, Inc.		22,913
	3,700	Patriot Coal Corp.(b)		57,313
	4,400	Patterson Cos., Inc.(b)		125,664
	12,400	Patterson-UTI Energy, Inc.		190,464
	145,000	Paychex, Inc.		4,203,550
	6,897	PC Connection, Inc.(b)		44,141
	1,400	PC Mall, Inc.(b)		7,154
	4,814	PC-Tel, Inc.(b)		27,969
	13,980	PDF Solutions, Inc.(b)		55,361
	1,616	PDI, Inc.(b)		8,048
	6,200	PDL BioPharma, Inc.		39,680
	945	Peapack Gladstone Financial Corp.		10,017
	4,042	Peet’s Coffee & Tea, Inc.(b)		132,173
	7,100	Pegasystems, Inc.		236,075
	1,700	Penford Corp.		17,442
Shares			Value
UNITED STATES (continued)
	6,700	Penn National Gaming, Inc.(b)	$	180,766
	44,600	Penn Virginia Corp.		1,082,442
	3,400	Pennsylvania Real Estate Investment Trust		30,464
	15,400	Penske Auto Group, Inc.(b)		216,524
	1,700	Penson Worldwide, Inc.(b)		14,314
	6,200	Pentair, Inc.		189,348
	1,400	Penwest Pharmaceuticals Co.(b)		3,640
	871	Peoples Bancorp, Inc.		11,306
	4,900	PEP Boys - Manny Moe & Jack		40,915
	3,700	Perficient, Inc.(b)		35,927
	9,090	Pericom Semiconductor Corp.(b)		79,992
	8,600	PerkinElmer, Inc.		173,204
	2,800	Perrigo Co.		123,984
	2,916	Perry Ellis International, Inc.(b)		46,743
	1,900	Pervasive Software, Inc.(b)		9,728
	7,800	PetMed Express, Inc.		143,754
	85,000	PetroHawk Energy Corp.(b)		1,898,050
	3,643	Petroleum Development Corp.(b)		76,357
	23,900	Petroquest Energy, Inc.(b)		130,016
	3,800	PetSmart, Inc.		97,850
	2,700	PFF Bancorp, Inc.(b)		22
	1,181	PGT, Inc.(b)		2,268
	800	Pharmaceutical Product Development, Inc.		18,688
	600	Pharmasset, Inc.(b)		12,540
	2,159	PharMerica Corp.(b)		35,149
	1,500	Phase Forward, Inc.(b)		21,930
	8,500	PHH Corp.(b)		148,240
	5,900	PHI, Inc. - Non Voting(b)		114,814
	200	PHI, Inc. - Voting(b)		3,900
	3,070	Phillips-Van Heusen Corp.		120,620
	14,400	Phoenix Cos., Inc. (The)		33,840
	8,617	Phoenix Technologies Ltd.(b)		27,144
	10,872	Photronics, Inc.(b)		41,857
	3,500	Pico Holdings, Inc.(b)		109,865
	5,400	Piedmont Natural Gas Co.		138,618
	43,700	Pier 1 Imports, Inc.(b)		222,870
	3,100	Pike Electric Corp.(b)		27,032
	7,400	Pinnacle Airlines Corp.(b)		56,314
	8,300	Pinnacle Entertainment, Inc.(b)		67,728
	5,000	Pinnacle Financial Partners, Inc.(b)		75,600
	4,100	Pioneer Drilling Co.(b)		32,595
	51,000	Pioneer Natural Resources Co.		2,242,980
	1,200	Piper Jaffray Cos.(b)		58,296
	116,800	Plains Exploration & Production Co.(b)		3,895,280
	6,400	Plantronics, Inc.		169,088
	14,000	Playboy Enterprises, Inc. - Class B(b)		45,640
	4,200	Plexus Corp.(b)		142,842
	43,300	Plug Power, Inc.(b)		25,114

74

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,300	PLX Technology, Inc.(b)	$	10,212
	7,384	PMA Capital Corp. - Class A(b)		44,452
	23,200	PMC - Sierra, Inc.(b)		184,440
	2,400	PMI Group, Inc. (The)(b)		5,160
	4,900	PNM Resources, Inc.		56,987
	3,176	Polaris Industries, Inc.		140,411
	2,900	Polycom, Inc.(b)		65,047
	20,500	PolyOne Corp.(b)		152,725
	4,100	Polypore International, Inc.(b)		55,063
	1,300	Poniard Pharmaceuticals, Inc.(b)		2,080
	1,100	Pool Corp.		20,196
	2,900	Portfolio Recovery Associates, Inc.(b)		132,182
	1,000	Portland General Electric Co.		19,500
	5,400	Post Properties, Inc.		96,390
	3,301	Powell Industries, Inc.(b)		96,422
	400	Power Integrations, Inc.		12,484
	1,900	PowerSecure International, Inc.(b)		12,502
	13,030	Powerwave Technologies, Inc.(b)		17,851
	5,317	Pozen, Inc.(b)		31,264
	1,215	Preferred Bank Los Angeles		1,944
	5,700	Premiere Global Services, Inc.(b)		46,056
	1,700	Pre-Paid Legal Services, Inc.(b)		67,779
	5,520	Presidential Life Corp.		49,846
	18,104	Presstek, Inc.(b)		51,234
	4,200	Prestige Brands Holdings, Inc.(b)		32,634
	3,200	Pricesmart, Inc.		64,032
	6,648	Princeton Review, Inc.(b)		28,121
	1,804	PrivateBancorp, Inc.		24,534
	4,300	ProAssurance Corp.(b)		218,268
	3,886	Progenics Pharmaceuticals, Inc.(b)		17,487
	79,900	Progress Software Corp.(b)		2,247,587
	663	Progressive Gaming International Corp.(b)		13
	6,400	Prosperity Bancshares, Inc.		258,048
	5,650	Protection One, Inc.(b)		48,872
	7,300	Protective Life Corp.		123,005
	5,726	Providence Service Corp. (The)(b)		73,522
	700	Provident Financial Holdings, Inc.		2,485
	8,600	Provident Financial Services, Inc.		98,040
	16,243	Provident New York Bancorp		132,380
	3,000	PS Business Parks, Inc.		143,640
	9,332	PSS World Medical, Inc.(b)		191,493
	4,400	Psychiatric Solutions, Inc.(b)		97,020
	2,397	QAD, Inc.		13,136
	3,090	QC Holdings, Inc.		19,004
	3,900	QLogic Corp.(b)		67,041
	3,600	Quaker Chemical Corp.		62,964
Shares			Value
UNITED STATES (continued)
	2,100	Quality Systems, Inc.	$	108,234
	4,900	Quanex Building Products Corp.		78,792
	42,500	Quantum Corp.(b)		108,800
	5,750	Quest Resource Corp.(b)		3,945
	17,800	Quest Software, Inc.(b)		306,516
	10,300	Questcor Pharmaceuticals, Inc.(b)		46,659
	5,600	Quicksilver Resources, Inc.(b)		74,424
	2,664	Quidel Corp.(b)		35,378
	15,800	Quiksilver, Inc.(b)		31,916
	2,200	Radian Group, Inc.		14,146
	5,400	Radiant Systems, Inc.(b)		62,370
	1,200	Radio One, Inc. - Class A(b)		4,584
	1,430	Radio One, Inc. - Class D(b)		4,590
	5,700	Radioshack Corp.		111,264
	6,000	Radisys Corp.(b)		45,060
	2,500	Ralcorp Holdings, Inc.		154,500
	110,000	Ralcorp Holdings, Inc.(b)		6,798,000
	3,300	Rambus, Inc.(b)		72,402
	1,800	Ramco-Gershenson Properties		17,136
	25,000	Range Resources Corp.		1,150,000
	3,480	Raven Industries, Inc.		99,458
	6,400	Raymond James Financial, Inc.		161,984
	102,200	RBC Bearings, Inc.(b)		2,375,128
	6,539	RC2 Corp.(b)		93,965
	700	RCN Corp.(b)		6,867
	18,353	RealNetworks, Inc.(b)		77,450
	1,100	Realty Income Corp. REIT		30,723
	4,398	Red Robin Gourmet Burgers, Inc.(b)		81,055
	1,575	Reddy Ice Holdings, Inc.(b)		7,875
	4,100	Regal Entertainment Group - Class A		60,557
	5,000	Regal-Beloit Corp.		237,000
	12,490	Regeneron Pharmaceuticals, Inc.(b)		332,983
	5,600	Regis Corp.		89,208
	3,500	RehabCare Group, Inc.(b)		101,710
	3,950	Reinsurance Group of America, Inc.		192,444
	4,180	Reliance Steel & Aluminum Co.		170,293
	5,193	Renaissance Learning, Inc.		69,119
	5,222	Renasant Corp.		74,936
	10,524	Rent-A-Center, Inc.(b)		210,480
	14,700	Rentech, Inc.(b)		17,493
	9,400	Republic Airways Holdings, Inc.(b)		45,966
	1,200	Republic Bancorp, Inc. - Class A		19,932
	150,000	Republic Services, Inc.		4,018,500
	5,599	Res-Care, Inc.(b)		50,447
	72,000	ResMed, Inc.(b)		3,682,080
	175,000	Resolute Energy Corp.(b)		1,898,750
	3,000	Resource America, Inc. - Class A		11,490
	4,300	Resources Connection, Inc.(b)		76,798

75

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	8,100	Retail Ventures, Inc.(b)	$	67,068
	5,087	Revlon, Inc. - Class A(b)		78,391
	3,000	Rex Energy Corp.(b)		37,170
	56,149	RF Micro Devices, Inc.(b)		216,174
	6,300	Rigel Pharmaceuticals, Inc.(b)		51,723
	6,300	RightNow Technologies, Inc.(b)		100,737
	2,900	Rimage Corp.(b)		43,239
	1,500	Riskmetrics Group, Inc.(b)		25,560
	2,200	Riverbed Technology, Inc.(b)		49,324
	4,800	RLI Corp.		247,008
	6,200	Robbins & Myers, Inc.		137,764
	5,500	Rock-Tenn Co. - Class A		234,795
	1,726	Rockville Financial, Inc.		16,777
	2,900	Rockwood Holdings, Inc.(b)		63,539
	3,000	Rofin-Sinar Technologies, Inc.(b)		65,670
	3,300	Rogers Corp.(b)		79,002
	8,850	Rollins, Inc.		174,168
	1,300	Roma Financial Corp.		15,262
	115,000	Roper Industries, Inc.		5,759,200
	3,200	Rosetta Resources, Inc.(b)		65,792
	4,400	Rovi Corp.(b)		127,028
	10,200	Rowan Cos, Inc.(b)		219,096
	1,500	Royal Caribbean Cruises Ltd.(b)		39,135
	4,000	Royal Gold, Inc.		170,480
	17,550	RPC, Inc.		216,742
	5,900	RPM International, Inc.		110,330
	1,300	RR Donnelley & Sons Co.		25,766
	29,200	RRI Energy, Inc.(b)		144,540
	4,300	RSC Holdings, Inc.(b)		30,874
	12,859	RTI Biologics, Inc.(b)		40,634
	4,343	RTI International Metals, Inc.(b)		107,489
	800	Rubicon Technology, Inc.(b)		12,624
	4,500	Ruby Tuesday, Inc.(b)		31,095
	258,600	Ruddick Corp.		7,331,310
	7,900	Rudolph Technologies, Inc.(b)		49,533
	6,900	Rush Enterprises, Inc. - Class A(b)		78,384
	5,300	Ryder System, Inc.		192,920
	3,200	Ryland Group, Inc.		71,232
	3,100	S & T Bancorp, Inc.		54,312
	15,536	S1 Corp.(b)		92,905
	2,350	Safeguard Scientifics, Inc.(b)		25,450
	8,000	Safety Insurance Group, Inc.		280,000
	240,000	Safeway, Inc.		5,388,000
	1,300	Saga Communications, Inc. - Class A(b)		17,030
	3,400	Saia, Inc.(b)		40,800
	8,400	Saks, Inc.(b)		54,096
	4,505	Salem Communications Corp. - Class A(b)		24,102
	5,304	Salix Pharmaceuticals Ltd.(b)		155,195
	14,700	Sally Beauty Holdings, Inc.		122,598
	3,501	Sanders Morris Harris Group, Inc.		16,560
Shares			Value
UNITED STATES (continued)
	2,300	Sanderson Farms, Inc.	$	107,525
	576,200	SandRidge Energy, Inc.(b)		4,874,652
	5,999	Sandy Spring Bancorp, Inc.		71,928
	8,200	Sangamo Biosciences, Inc.(b)		45,100
	1,600	Sanmina-SCI Corp.(b)		21,120
	6,000	Santarus, Inc.(b)		28,380
	12,700	Sapient Corp.(b)		98,425
	4,800	Sauer-Danfoss, Inc.(b)		54,576
	1,400	Saul Centers, Inc.		49,896
	10,200	Savient Pharmaceuticals, Inc.(b)		130,866
	1,200	SAVVIS, Inc.(b)		18,888
	4,600	SBA Communications Corp. - Class A(b)		152,214
	2,900	Scansource, Inc.(b)		81,954
	700	SCBT Financial Corp.		21,000
	13,280	Schawk, Inc.		171,046
	1,400	Schnitzer Steel Industries, Inc. - Class A		56,700
	6,500	Scholastic Corp.		194,350
	2,600	School Specialty, Inc.(b)		57,434
	6,001	Schulman (A.), Inc.		135,143
	7,776	Schweitzer-Mauduit International, Inc.		585,066
	615	Sciclone Pharmaceuticals, Inc.(b)		1,624
	3,900	Scientific Games Corp. - Class A(b)		54,912
	1,900	Scotts Miracle-Gro Co. (The) - Class A		75,430
	1,300	SeaBright Insurance Holdings, Inc.(b)		13,234
	7,800	Seachange International, Inc.(b)		50,466
	3,200	Seacoast Banking Corp. of Florida		4,928
	1,800	SEACOR Holdings, Inc.(b)		126,450
	9,900	Sealed Air Corp.		196,416
	7,616	Seattle Genetics, Inc.(b)		78,597
	3,858,900	SEI Investments Co.		68,341,119
	4,500	Select Comfort Corp.(b)		29,115
	8,400	Selective Insurance Group		129,948
	6,800	Semtech Corp.(b)		101,864
	200	Seneca Foods Corp. - Class A(b)		5,400
	1,200	Senior Housing Properties Trust REIT		25,020
	2,060	Senomyx, Inc.(b)		8,055
	306,300	Sensient Technologies Corp.		7,948,485
	9,200	Sequenom, Inc.(b)		36,892
	24,400	Service Corp. International		187,148
	3,500	Shaw Group, Inc. (The)(b)		113,015
	4,200	Shenandoah Telecommunications Co.		72,240
	125,000	Sherwin-Williams Co. (The)		7,918,750
	4,200	Shiloh Industries, Inc.(b)		18,900
	3,300	Shoe Carnival, Inc.(b)		60,291

76

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,200	ShoreTel, Inc.(b)	$	6,372
	1,200	Shuffle Master, Inc.(b)		10,668
	800	Shutterfly, Inc.(b)		12,656
	800	Sierra Bancorp		8,176
	3,185	Sigma Designs, Inc.(b)		35,385
	5,325	Signature Bank(b)		184,138
	106,400	Silgan Holdings, Inc.		5,516,840
	5,800	Silicon Graphics International Corp.(b)		46,458
	30,458	Silicon Image, Inc.(b)		73,404
	2,000	Silicon Laboratories, Inc.(b)		84,480
	23,420	Silicon Storage Technology, Inc.(b)		62,531
	5,036	Simmons First National Corp. - Class A		135,166
	7,850	Simpson Manufacturing Co., Inc.		193,581
	7,253	Sinclair Broadcast Group, Inc. - Class A(b)		36,628
	3,100	Sirona Dental Systems, Inc.(b)		99,727
	15,400	SIRVA, Inc.(b)(c)(d)		5
	2,800	SJW Corp.		61,404
	4,600	Skechers U.S.A., Inc. - Class A(b)		129,076
	500	Skilled Healthcare Group, Inc. - Class A(b)		3,270
	1,600	Skyline Corp.		29,296
	9,380	Skywest, Inc.		137,229
	27,900	Skyworks Solutions, Inc.(b)		354,051
	600	SL Green Realty Corp. REIT		27,294
	428,200	Smart Balance, Inc.(b)		2,380,792
	1,700	SMART Modular Technologies WWH, Inc.(b)		10,336
	4,700	Smith & Wesson Holding Corp.(b)		18,612
	2,000	Smith Micro Software, Inc.(b)		15,500
	14,500	Smithfield Foods, Inc.(b)		218,370
	900	Smithtown Bancorp, Inc.		4,869
	4,260	Snap-On, Inc.		174,149
	51,500	Solera Holdings, Inc.		1,705,165
	3,108	Solutia, Inc.(b)		42,735
	1,000	Somanetics Corp.(b)		15,850
	1,900	Somaxon Pharmaceuticals, Inc.(b)		4,294
	5,900	Sonic Automotive, Inc. - Class A(b)		56,345
	4,200	Sonic Corp.(b)		35,406
	9,100	Sonic Solutions, Inc.(b)		77,896
	19,944	SonicWALL, Inc.(b)		151,973
	3,500	Sonoco Products Co.		97,160
	104,300	SonoSite, Inc.(b)		2,840,089
	20,756	Sonus Networks, Inc.(b)		43,795
	5,300	Sotheby’s		123,172
	50,600	Sourcefire, Inc.(b)		1,055,010
	4,400	South Jersey Industries, Inc.		168,652
	1,300	Southern Union Co.		28,652
	4,085	Southside Bancshares, Inc.		81,292
Shares			Value
UNITED STATES (continued)
	3,800	Southwest Bancorp, Inc.	$	28,462
	4,200	Southwest Gas Corp.		116,214
	5,115	Southwest Water Co.		30,997
	1,800	Sovran Self Storage, Inc.		61,020
	2,800	Spanish Broadcasting System, Inc. - Class A(b)		2,324
	4,275	Spartan Motors, Inc.		25,650
	7,600	Spartan Stores, Inc.		102,904
	6,300	Spartech Corp.(b)		63,567
	5,400	Spectranetics Corp.(b)		37,206
	1,100	Spectrum Control, Inc.(b)		11,352
	842	Spectrum Group International Inc.(b)		1,600
	5,870	Speedway Motorsports, Inc.		97,559
	13,801	Spherion Corp.(b)		77,838
	6,700	Spirit Aerosystems Holdings, Inc. - Class A(b)		143,715
	1,000	Sport Supply Group, Inc.		11,890
	3,100	SPX Corp.		168,764
	4,600	SRA International, Inc. - Class A(b)		79,212
	1,900	St. Joe Co. (The)(b)		49,400
	100,000	St. Jude Medical, Inc.(b)		3,773,000
	57,100	St. Mary Land & Exploration Co.		1,829,484
	5,100	Stage Stores, Inc.		65,892
	2,186	Stamps.com, Inc.(b)		19,324
	2,900	StanCorp Financial Group, Inc.		124,642
	2,800	Standard Microsystems Corp.(b)		55,860
	1,000	Standard Motor Products, Inc.(b)		7,840
	7,900	Standard Pacific Corp.(b)		28,677
	3,363	Standard Parking Corp.(b)		54,581
	5,414	Standard Register Co. (The)		28,802
	4,600	Standex International Corp.		104,926
	300	Stanley Furniture Co., Inc.(b)		2,925
	5,365	Stanley Works (The)		274,956
	600	Stanley, Inc.(b)		15,708
	1,200	Star Scientific, Inc.(b)		840
	400	StarTek, Inc.(b)		2,960
	5,550	State Auto Financial Corp.		87,190
	1,281	State Bancorp, Inc.		9,415
	95	Steak N Shake Co. (The)(b)		30,518
	13,700	STEC, Inc.(b)		192,074
	5,600	Steel Dynamics, Inc.		85,008
	7,000	Steelcase, Inc. - Class A		49,560
	5,400	Stein Mart, Inc.(b)		42,660
	2,000	Steinway Musical Instruments(b)		32,600
	1,224	StellarOne Corp.		12,803
	3,500	Stepan Co.		204,680
	5,205	Stereotaxis, Inc.(b)		21,132
	50,000	Stericycle, Inc.(b)		2,646,500
	1,700	STERIS Corp.		44,336
	6,300	Sterling Bancorp		46,935
	13,996	Sterling Bancshares, Inc.		71,520

77

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,200	Sterling Construction Co., Inc.(b)	$	22,824
	6,389	Sterling Financial Corp.(b)		4,805
	4,950	Steven Madden Ltd.(b)		198,693
	427,400	Stewart Enterprises, Inc. - Class A		2,166,918
	2,529	Stewart Information Services Corp.		25,948
	4,650	Stifel Financial Corp.(b)		243,195
	17,000	Stillwater Mining Co.(b)		170,850
	7,196	Stone Energy Corp.(b)		114,704
	4,200	Stratasys, Inc.(b)		96,600
	6,500	Strategic Hotels & Resorts, Inc.(b)		14,950
	400	Strayer Education, Inc.		83,112
	400	Student Loan Corp. (The)		18,120
	3,800	Sturm Ruger & Co., Inc.		39,596
	1,500	SuccessFactors, Inc.(b)		24,450
	2,804	Suffolk Bancorp.		75,596
	3,100	Sulphco, Inc.(b)		1,426
	5,539	Sun Bancorp, Inc.(b)		21,104
	1,300	Sun Communities, Inc.		23,543
	6,500	Sun Healthcare Group, Inc.(b)		56,810
	1,500	Sun Hydraulics Corp.		33,570
	300	Sunoco, Inc.		7,527
	600	SunPower Corp. - Class B(b)		11,142
	9,100	Sunrise Senior Living, Inc.(b)		27,027
	6,897	Sunstone Hotel Investors, Inc.(b)		59,245
	702	Super Micro Computer, Inc.(b)		8,684
	10,591	SuperGen, Inc.(b)		28,702
	1,500	Superior Bancorp(b)		5,025
	407,900	Superior Energy Services, Inc.(b)		9,369,463
	3,700	Superior Industries International, Inc.		54,427
	6,300	Superior Well Services, Inc.(b)		99,729
	1,375	Supertex, Inc.(b)		32,931
	15,200	SUPERVALUE, Inc.		223,592
	7,000	support.com, Inc.(b)		17,360
	7,113	SureWest Communications(b)		63,661
	76,533	SurModics, Inc.(b)		1,530,660
	12,379	Susquehanna Bancshares, Inc.		97,175
	400	Susser Holdings Corp.(b)		3,528
	5,700	SVB Financial Group(b)		247,323
	5,686	Swift Energy Co.(b)		142,491
	700	Switch & Data Facilities Co., Inc.(b)		12,796
	3,400	SWS Group, Inc.		40,800
	2,152	SY Bancorp, Inc.		45,601
	2,200	Sybase, Inc.(b)		89,474
	3,811	Sycamore Network,s Inc.		73,895
	9,442	SYKES Enterprises, Inc.(b)		226,419
	11,111	Symmetricom, Inc.(b)		56,666
	3,500	Symmetry Medical, Inc.(b)		31,220
	3,100	Syms Corp.(b)		24,242
Shares			Value
UNITED STATES (continued)
	8,700	Symyx Technologies, Inc.(b)	$	42,978
	6,495	Synaptics, Inc.(b)		164,388
	12,400	Syniverse Holdings, Inc.(b)		208,444
	4,000	SYNNEX Corp.(b)		105,880
	5,700	Synopsys, Inc.(b)		121,239
	3,400	Synovis Life Technologies, Inc.(b)		43,282
	15,000	Synovus Financial Corp.		41,400
	9,600	Syntax-Brillian Corp.(b)(c)(d)		0
	3,900	Syntel, Inc.		131,118
	300	Syntroleum Corp.(b)		681
	14,600	Systemax, Inc.		255,938
	1,800	T-3 Energy Services, Inc.		40,590
	10,100	Take-Two Interactive Software, Inc.(b)		93,728
	1,000	TAL International Group, Inc.		14,100
	7,800	Talbots, Inc.(b)		87,828
	700	Taleo Corp. - Class A(b)		14,217
	3,300	Tanger Factory Outlet Centers		126,390
	300	Targacept, Inc.(b)		6,285
	4,920	Taser International, Inc.(b)		27,749
	5,900	Taubman Centers, Inc. REIT		186,794
	1,401	Taylor Capital Group, Inc.(b)		12,763
	3,900	TCF Financial Corp.		57,096
	1,738	Team, Inc.(b)		31,006
	7,600	Tech Data Corp.(b)		309,700
	66,000	Techne Corp.		4,330,920
	8,700	Technitrol, Inc.		38,976
	500	TechTarget, Inc.(b)		2,650
	900	Techwell, Inc.(b)		9,729
	3,800	Tecumseh Products Co. - Class A(b)		42,104
	700	Tecumseh Products Co. - Class B(b)		7,910
	1,110	Tejon Ranch Co.(b)		33,977
	12,500	Tekelec(b)		187,250
	4,600	Teledyne Technologies, Inc.(b)		171,396
	76,900	Teleflex, Inc.		4,395,604
	1,900	Telephone & Data Systems, Inc.		59,945
	2,170	Telephone & Data Systems, Inc. - Special Shares		61,671
	6,937	TeleTech Holdings, Inc.(b)		132,080
	27,060	Tellabs, Inc.(b)		173,996
	5,390	Temple-Inland, Inc.		93,624
	4,500	Tempur-Pedic International, Inc.(b)		112,005
	14,400	Tenet Healthcare Corp.(b)		79,776
	2,800	Tennant Co.		67,004
	8,800	Tenneco, Inc.(b)		155,584
	6,500	Teradyne, Inc.(b)		60,710
	5,400	Terex Corp.(b)		105,570
	8,000	Terremark Worldwide, Inc.(b)		65,440
	5,200	Tesoro Corp.		65,000
	1,500	Tessera Technologies, Inc.(b)		25,755
	12	Teton Advisors, Inc. - Class A		162

78

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	8,455	Tetra Tech, Inc.(b)	$	191,421
	11,300	Tetra Technologies, Inc.(b)		118,198
	6,100	Texas Capital Bancshares, Inc.(b)		102,785
	3,300	Texas Industries, Inc.		112,002
	8,300	Texas Roadhouse, Inc. - Class A(b)		96,529
	1,700	TFS Financial Corp.		21,862
	1,800	Theravance, Inc.(b)		19,746
	5,500	TheStreet.com, Inc.		17,435
	4,000	Thomas & Betts Corp.(b)		135,040
	8,300	Thomas Properties Group, Inc.		21,995
	1,100	Thomas Weisel Partners Group, Inc.(b)		4,697
	7,006	Thor Industries, Inc.		222,440
	9,800	Thoratec Corp.(b)		277,830
	5,250	THQ, Inc.(b)		26,460
	20,702	TIBCO Software, Inc.(b)		185,490
	4,200	Tidewater, Inc.		196,644
	1,300	Tier Technologies, Inc.(b)		10,010
	2,500	TierOne Corp.(b)		2,488
	7,900	Timberland Co. - Class A(b)		135,880
	5,600	Timken Co.		125,496
	4,000	Titan International, Inc.		31,040
	1,000	Titan Machinery, Inc.(b)		11,020
	8,400	Titanium Metals Corp.(b)		97,692
	9,900	TiVo, Inc.(b)		89,298
	3,750	TNS, Inc.(b)		85,875
	8,200	Toll Brothers, Inc.(b)		151,454
	2,200	TomoTherapy, Inc.(b)		8,910
	2,810	Tompkins Financial Corp.		110,152
	4,229	Tootsie Roll Industries, Inc.		110,081
	4,300	Torchmark Corp.		193,070
	3,200	Toro Co.		124,640
	6,400	Total System Services, Inc.		91,584
	200	Tower Bancorp, Inc.		5,024
	2,000	Tower Group, Inc.		44,200
	2,000	Towers Watson & Co. - Class A		87,260
	300	TowneBank		3,207
	5,500	Tractor Supply Co.(b)		277,585
	4,185	TradeStation Group, Inc.(b)		29,588
	5,989	Transatlantic Holdings, Inc.		297,593
	2,000	TransDigm Group, Inc.		96,540
	1,100	Travelzoo, Inc.(b)		11,803
	4,800	TRC Cos., Inc.(b)		12,912
	7,600	Tredegar Corp.		122,968
	1,400	Tree.com, Inc.(b)		10,234
	5,100	TreeHouse Foods, Inc.(b)		197,574
	2,400	Trex Co., Inc.(b)		37,008
	5,700	Trico Bancshares		98,382
	3,100	Trico Marine Services, Inc.(b)		10,850
	9,880	Trident Microsystems, Inc.(b)		17,982
	5,110	Trimble Navigation Ltd.(b)		116,968
	4,503	Trimeris, Inc.(b)		10,357
	6,200	Trinity Industries		96,968
	28,756	TriQuint Semiconductor, Inc.(b)		172,536

Shares			Value
UNITED STATES (continued)
	2,200	Triumph Group, Inc.	$	112,046
	1,200	Tri-Valley Corp.(b)		2,256
	1,600	True Religion Apparel, Inc.(b)		30,896
	6,100	TrueBlue, Inc.(b)		88,511
	10,059	Trustco Bank Corp.		60,354
	8,775	Trustmark Corp.		200,070
	8,000	TRW Automotive Holdings Corp.(b)		184,240
	9,900	TTM Technologies, Inc.(b)		102,465
	5,800	Tuesday Morning Corp.(b)		25,346
	47,600	Tupperware Brands Corp.		2,021,096
	3,700	Tutor Perini Corp.(b)		70,522
	4,300	tw telecom, Inc.(b)		66,263
	1,400	Twin Disc, Inc.		13,482
	6,500	Tyler Technologies, Inc.(b)		121,745
	4,400	UAL Corp.(b)		53,812
	1,500	UDR, Inc. REIT		23,340
	3,076	UIL Holdings Corp.		83,575
	1,200	Ulta Salon Cosmetics & Fragrance, Inc.(b)		23,280
	151,700	Ultimate Software Group, Inc.(b)		4,535,830
	4,400	Ultra Clean Holdings(b)		28,424
	1,146,507	Ultra Petroleum Corp.(b)		52,670,532
	5,008	Ultralife Corp.(b)		19,231
	3,841	Ultratech, Inc.(b)		52,391
	40,024	UMB Financial Corp.		1,581,348
	8,639	Umpqua Holdings Corp.		106,778
	800	Under Armour, Inc. - Class A(b)		20,320
	3,700	Unifi, Inc.(b)		12,358
	2,000	Unifirst Corp.		100,480
	4,950	Union Bankshares Corp.		63,608
	3,800	Union Drilling, Inc.(b)		27,626
	4,900	Unisource Energy Corp.		150,626
	940	Unisys Corp.(b)		27,157
	4,100	Unit Corp.(b)		186,714
	7,159	United Bankshares, Inc.		178,259
	4,154	United Community Banks, Inc.(b)		18,651
	5,035	United Community Financial Corp.(b)		9,063
	508	United Financial Bancorp, Inc.		6,675
	3,500	United Fire & Casualty Co.		58,870
	4,949	United Natural Foods, Inc.(b)		134,167
	12,254	United Online, Inc.		77,445
	9,900	United Rentals, Inc.(b)		79,299
	100	United States Lime & Minerals, Inc.(b)		3,945
	4,514	United Stationers, Inc.(b)		246,284
	600	United Therapeutics Corp.(b)		35,742
	900	Unitil Corp.		19,593
	4,110	Unitrin, Inc.		89,187
	9,230	Universal American Corp.(b)		123,313
	2,386	Universal Corp.		108,301
	5,000	Universal Display Corp.(b)		56,350
	3,108	Universal Electronics, Inc.(b)		73,877

79

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,311	Universal Forest Products, Inc.	$	78,435
	1,100	Universal Health Realty Income Trust REIT		36,520
	5,400	Universal Health Services, Inc. - Class B		157,464
	4,800	Universal Insurance Holdings, Inc.		28,368
	200	Universal Stainless & Alloy(b)		3,646
	4,700	Universal Technical Institute, Inc.(b)		86,339
	5,500	Universal Truckload Services, Inc.		92,620
	4,405	Univest Corp. of Pennsylvania		77,440
	1,400	Urstadt Biddle Properties, Inc.		19,670
	3,600	Urstadt Biddle Properties, Inc. - Class A		53,964
	500	US Airways Group, Inc.(b)		2,655
	1,700	US Cellular Corp.(b)		62,169
	29,010	US Gold Corp.(b)		64,692
	1,400	US Physical Therapy, Inc.(b)		21,924
	3,955	USA Mobility, Inc.		41,092
	300	USA Truck, Inc.(b)		3,705
	700	USANA Health Sciences, Inc.(b)		19,894
	8,400	USEC, Inc.		33,600
	4,400	USG Corp.(b)		52,844
	4,400	U-Store-It Trust.		30,448
	204,700	UTi Worldwide, Inc.		2,810,531
	31,900	Utstarcom, Inc.(b)		68,904
	16,774	Vaalco Energy, Inc.		70,954
	4,700	Vail Resorts, Inc.(b)		158,390
	1,300	Valassis Communications, Inc.(b)		27,209
	15,700	Valeant Pharmaceuticals International(b)		525,479
	2,798	Valhi, Inc.		44,908
	9,000	Valley National Bancorp		123,750
	800	Valmont Industries, Inc.		55,568
	6,200	Valspar Corp.		164,176
	3,100	Valueclick, Inc.(b)		28,675
	7,753	Valuevision Media, Inc. - Class A(b)		31,942
	700	Vanda Pharmaceuticals, Inc.(b)		7,007
	1,900	Varian Semiconductor Equipment Associates, Inc.(b)		55,727
	3,100	Varian, Inc.(b)		159,836
	153,300	VCA Antech, Inc.(b)		3,892,287
	8,329	Vector Group Ltd.		116,523
	7,000	Veeco Instruments, Inc.(b)		222,740
	1,400	Venoco, Inc.(b)		16,142
	997	Verenium Corp.(b)		5,184
	2,800	VeriFone Holdings, Inc.(b)		49,812
	180,000	VeriSign, Inc.		4,123,800
	2,600	Viad Corp.		51,298
	5,000	Viasat, Inc.(b)		136,650
	1,900	Vical, Inc.(b)		5,358
	3,000	Vicor Corp.(b)		25,980

Shares			Value
UNITED STATES (continued)
	1,700	ViewPoint Financial Group	$	25,075
	1,028	Virage Logic Corp.(b)		5,726
	4,862	Virginia Commerce Bancorp(b)		28,248
	10,329	Viropharma, Inc.(b)		102,051
	720	Virtus Investment Partners, Inc.(b)		11,786
	500	Virtusa Corp.(b)		4,455
	14,200	Vishay Intertechnology, Inc.(b)		107,068
	4,240	Vital Images, Inc.(b)		60,293
	4,470	Vivus, Inc.(b)		37,772
	3,500	Vocus, Inc.(b)		56,420
	4,600	Volcano Corp.(b)		91,126
	1,900	Volcom, Inc.(b)		29,963
	5,600	Volt Information Sciences, Inc.(b)		52,024
	1,300	Volterra Semiconductor Corp.(b)		25,337
	200	VSE Corp.		10,134
	1,700	W&T Offshore, Inc.		15,147
	275,000	W.R. Berkley Corp.		6,690,750
	5,300	Wabash National Corp.(b)		15,688
	2,600	WABCO Holdings, Inc.		67,210
	123,029	Wabtec Corp.		4,715,702
	5,800	Waddell & Reed Financial, Inc. - Class A		181,714
	1,100	Walter Energy, Inc.		71,412
	7,155	Warnaco Group, Inc. (The)(b)		277,042
	4,000	Warner Music Group Corp.(b)		19,320
	28,800	Warren Resources, Inc.(b)		66,528
	500	Washington Banking Co.		5,900
	7,300	Washington Federal, Inc.		136,145
	5,900	Washington Real Estate Investment Trust		154,521
	2,900	Washington Trust Bancorp, Inc.		49,561
	561,700	Waste Connections, Inc.(b)		18,069,889
	1,046,151	Waters Corp.(b)		59,609,684
	1,200	Waterstone Financial, Inc.(b)		2,640
	2,800	Watsco, Inc.		134,288
	3,800	Watts Water Technologies, Inc. - Class A		109,934
	8,100	Wausau Paper Corp.(b)		71,442
	103,200	WD-40 Co.		3,175,464
	8,231	Web.com Group, Inc.(b)		45,929
	17,800	WebMediaBrands, Inc.(b)		20,292
	6,500	Websense, Inc.(b)		120,445
	2,800	Webster Financial Corp.		43,316
	1,700	Weight Watchers International, Inc.		49,062
	1,200	Weingarten Realty Investors		22,404
	4,744	Weis Markets, Inc.		168,459
	2,900	Wellcare Health Plans, Inc.(b)		90,422
	600	Wellman, Inc.(b)(c)(d)		0
	32,500	Wendy’s/Arby’s Group, Inc. - Class A		149,825
	9,800	Werner Enterprises, Inc.		193,844
	3,683	WesBanco, Inc.		53,440

80

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,200	WESCO International, Inc.(b)	$	60,984
	910	West Bancorp, Inc.		4,641
	2,200	West Coast Bancorp		5,742
	4,400	West Marine, Inc.(b)		36,916
	259,700	West Pharmaceutical Services, Inc.		9,434,901
	3,200	Westamerica Bancorp		177,856
	200	Westar Energy, Inc.		4,266
	5,021	Westell Technologies, Inc. - Class A(b)		6,427
	7,000	Western Alliance Bancorp(b)		35,910
	2,100	Western Refining, Inc.(b)		9,597
	150,000	Western Union Co. (The)		2,781,000
	2,036	Westfield Financial, Inc.		16,614
	8,800	Westlake Chemical Corp.		180,664
	800	Westmoreland Coal Co.(b)		8,200
	500	Westwood Holdings Group, Inc.		18,075
	7,400	Wet Seal, Inc. (The) - Class A(b)		24,790
	6,900	WGL Holdings, Inc.		218,937
	519	White Mountains Insurance Group Ltd.		166,324
	88,900	Whiting Petroleum Corp.(b)		5,917,184
	9,300	Whitney Holding Corp.		115,506
	800	Whole Foods Market, Inc.(b)		21,776
	3,300	Willbros Group, Inc.(b)		50,457
	4,200	Williams-Sonoma, Inc.		79,716
	255,000	Willis Group Holdings Plc		6,688,650
	5,201	Wilmington Trust Corp.		68,237
	6,501	Wilshire Bancorp, Inc.		59,874
	7,400	Winn-Dixie Stores, Inc.(b)		74,962
	4,900	Winnebago Industries(b)		58,555
	1,470	Winthrop Realty Trust REIT		18,302
	3,300	Wintrust Financial Corp.		114,642
	1,347,222	Wisconsin Energy Corp.		65,933,045
	3,150	WMS Industries, Inc.(b)		116,802
	5,500	Wolverine World Wide, Inc.		145,475
	8,400	Woodward Governor Co.		213,612
	3,690	World Acceptance Corp.(b)		149,039
	9,200	World Fuel Services Corp.		221,076
	3,400	World Wrestling Entertainment, Inc. - Class A		54,400
	1,900	WorldSpace, Inc. - Class A(b)		76
	10,300	Worthington Industries, Inc.		149,041
	1,400	WR Grace & Co.(b)		33,432
	103,100	Wright Express Corp.(b)		3,027,016
	5,900	Wright Medical Group, Inc.(b)		105,492
	15,900	Wyndham Worldwide Corp.		333,741
	2,800	XenoPort, Inc.(b)		51,744
	14,439	X-Rite, Inc.(b)		35,953
	400	Young Innovations, Inc.		9,196
	900	YRC Worldwide, Inc.(b)		837
	7,000	Zale Corp.(b)		15,260
	2,500	Zebra Technologies Corp. - Class A(b)		65,250

Shares			Value
UNITED STATES (continued)
	5,400	Zenith National Insurance Corp.	$	150,660
	3,893	Zep, Inc.		86,113
	100	Zhone Technologies, Inc.(b)		53
	44,000	Zimmer Holdings, Inc.(b)		2,478,080
	9,400	Zions Bancorp		178,318
	10,100	Zoll Medical Corp.(b)		281,184
	2,600	Zoltek Cos., Inc.(b)		21,710
	9,822	Zoran Corp.(b)		107,747
	800	Zumiez, Inc.(b)		10,184
	6,555	Zymogenetics, Inc.(b)		37,167
				1,933,591,451
Total Common Stocks (Cost $2,671,204,159)				3,028,083,471
EXCHANGE TRADED FUNDS — 7.9%
	146,000	iShares MSCI Brazil Index Fund		9,443,280
	625,000	iShares MSCI EAFE Small Cap Index Fund		21,900,000
	2,168,500	iShares MSCI Emerging Markets Index Fund		82,966,810
	100,861	iShares MSCI Japan Small Cap Index Fund		4,090,922
	1,575,000	iShares MSCI Malaysia Index Fund		16,616,250
	1,514,400	iShares MSCI Singapore Index Fund		16,325,232
	357,000	iShares MSCI South Korea Index Fund		16,222,080
	600,000	iShares S&P Small Cap 600 Index Fund		31,848,000
	55,000	SPDR Russell Nomura Small Cap Japan Fund		2,081,750
	510,000	SPDR S&P International Small Cap Fund		12,581,700
	380,448	SPDR S&P Midcap 400 ETF Trust		48,507,120
Total Exchange Traded Funds (Cost $229,134,809)				262,583,144
INVESTMENT COMPANY — 0.2%
	8,154,700	SEI Daily Income Trust Government II Fund, Class A		8,154,700
Total Investment Company (Cost $8,154,700)				8,154,700

81

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Shares
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	1,202	Flagstar Bancorp Warrants, Expire 4/21/10(c)(d)	$	0
	704	West Coast Bancorp Rights, Expire 3/1/10(d)		429
				429
Consumer Discretionary — 0.0%
	3,200	Media Prima Berhad Warrants, Expire 12/31/14(b)		469
Consumer Staples — 0.0%
	172	JBS SA Rights, Expire 3/26/10(b)		34
Diversified Financials — 0.0%
	20,836	Polski Koncern Miesny Duda SA Rights, Expire 3/23/09(c)(d)		0
Energy — 0.0%
	1,570,909	Energi Mega Persada Tbk PT Rights, Expire 2/8/10(b)(c)		0
Health Care — 0.0%
	4,243	DOV Pharmaceutical Warrants, Expire 12/31/09(c)(d)		0
	23,437	KPJ Healthcare Berhad Warrants, Expire 1/10/15(b)		8,520
	38,400	Ligand Contingent Rights(c)(d)		0
				8,520
Industrials — 0.0%
	1	Builders Firstsource Rights, Expire 2/18/10(b)		0
	123,750	Malaysian Resources Corp. Berhad Rights, Expire 2/19/10(c)		10,521
				10,521
Information Technology — 0.0%
	2,569	UXC Ltd. Warrants, Expire 3/31/10(d)		568
Materials — 0.0%
	99,840	Apex Minerals Warrants, Expire,11/09/12(b)		972
	2,762	MIL Resources Ltd. Warrants, Expire 5/31/12(b)(d)		49
	29,863	Rottneros AB Warrants, Expire 12/7/11(b)(c)(d)		0
				1,021
Real Estate — 0.0%
	465,116	Bangkok Land Public Co. Ltd. - NVDR Warrants, Expire 5/2/13(b)(d)		1,541
	2,642	Fonciere Des Regions Warrants, Expire 12/31/10(b)		2,051
Shares
Real Estate (continued)
	149,400	Sansiri Public Co. Ltd. Warrants Expire 1/20/15(b)(c)(d)	$	0
				3,592
Total Rights/Warrants (Cost $41,547)				25,154
Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 0.1%
Federal Home Loan Bank — 0.1%
$	4,000,000	0.03%, 02/01/10	$	4,000,000
	100,000	0.03%, 02/17/10		99,999
	100,000	0.03%, 02/17/10		99,999
	400,000	0.03%, 02/19/10		399,994
Total U.S. Government Agencies (Cost $4,599,992)				4,599,992
U.S. GOVERNMENT SECURITIES — 0.4%
U.S. Treasury Bills — 0.4%
$	8,000,000	0.20%, 02/25/10(f)		7,998,920
	5,100,000	0.02%, 03/25/10(f)		5,099,853
Total U.S. Government Securities (Cost $13,098,773)				13,098,773
Contracts
CALL OPTIONS PURCHASED — 0.0%
UNITED STATES — 0.0%
	1,200	The S&P 500 Index, Strike $1,200, Expiring 03/25/10		138,000
Total Call Options Purchased (Cost $1,404,100)				138,000
Shares
CASH SWEEP — 1.0%
	34,382,540	Citibank Dollars on Deposit in Custody Account		34,382,540
Total Cash Sweep (Cost $34,382,540)				34,382,540
TOTAL INVESTMENTS — 100.1% (Cost $2,962,020,620)(a)				3,351,065,774
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(4,439,406	)
NET ASSETS — 100.0%			$	3,346,626,368

82

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

(a) Cost for financial reporting purposes is $2,962,020,620 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	539,466,791
Unrealized depreciation		(150,421,637	)
Net unrealized appreciation	$	389,045,154

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $1,310,866, which is 0.04% of net assets.
(d)	Illiquid security.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	The rate represents the annualized yield at time of purchase.

	ADR — American Depositary Receipt
	REIT — Real Estate Investment Trust
	NVDR — Non Voting Depositary Receipt
	GDR — Global Depositary Receipt
Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.4	%
Consumer Discretionary	15.9	%
Consumer Staples	7.4	%
Diversified Financials	4.6	%
Energy	7.4	%
Health Care	9.3	%
Industrials	15.8	%
Information Technology	13.2	%
Insurance	4.5	%
Materials	5.4	%
Real Estate	1.2	%
Telecommunication Services	0.6	%
Utilities	2.8	%
Other*	9.5	%
	100.0	%

* Includes cash and equivalents, exchange traded funds, investment company, rights and warrants, U.S. government agencies and securities, call options purchased, pending trades and Fund share transactions. interest and dividends receivable and accrued expenses payable.

83

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 10.5%
AUSTRALIA — 0.1%
	338,380	Australian Worldwide Exploration Ltd.(b)	$	779,026
	1,187,680	Beach Petroleum Ltd.		871,551
	874,900	International Ferro Metals Ltd.(b)		430,139
	834,140	Sigma Pharmaceuticals Ltd.		686,704
				2,767,420
AUSTRIA — 0.1%
	71,860	Semperit AG Holding		2,691,263
BAHAMAS — 0.0%
	17,990	Steiner Leisure Ltd.(b)		716,722
BELGIUM — 0.1%
	129,140	Euronav NV		2,825,348
BRAZIL — 0.4%
	143,820	Banco Pine SA - Preference Shares		831,638
	176,044	BM&FBOVESPA SA		1,188,881
	190,290	Grendene SA		884,318
	42,990	M Dias Branco SA		1,104,968
	111,300	Petroleo Brasileiro SA - ADR		4,015,704
	67,300	Tam SA - ADR(b)		1,227,552
	119,200	Vale SA - ADR		2,691,536
				11,944,597
CANADA — 0.4%
	500,000	Asian Coast Development Ltd.(c)		6,000,000
	233,550	ATS Automation Tooling Systems, Inc.(b)		1,592,312
	418,360	Corridor Resources, Inc.(b)		1,702,002
	44,070	Husky Energy, Inc.		1,096,340
	411,940	Western Coal Corp.(b)		1,302,181
	96,470	Westshore Terminals Income Fund		1,263,110
				12,955,945
CHILE — 0.0%
	845,850	Empresa Electrica del Norte Grande SA		1,547,739
CHINA — 0.2%
	5,800	Baidu Inc. - ADR(b)		2,387,918
	2,170,000	China Construction Bank Corp. - H Shares		1,657,748
	1,110,000	Qingling Motors Co. Ltd. - H Shares		252,829
	275,700	Shandong Airlines Co. Ltd. - B Shares(b)		222,564
	286,200	Shandong Chenming Paper Holdings Ltd. - B Shares		207,758
	47,500	Tencent Holdings Ltd.		880,587
	290,200	Weifu High-Technology Co. Ltd.- B Shares		354,556
Shares			Value
CHINA (continued)
	142,000	Yanzhou Coal Mining Co. Ltd. - H Shares	$	277,208
				6,241,168
DENMARK — 0.1%
	250,760	Torm AS		2,750,075
EGYPT — 0.0%
	85,220	Telecom Egypt		283,273
FRANCE — 0.2%
	36,293	Groupe Danone		2,075,346
	58,284	Pernod-Ricard SA		4,688,239
				6,763,585
GERMANY — 0.5%
	71,800	Demag Cranes AG		2,242,812
	27,100	Deutsche Boerse AG		1,777,430
	82,900	E.ON AG		3,049,682
	46,440	K+S AG		2,610,517
	107,880	Kloeckner & Co. SE(b)		2,548,625
	1,119,770	QSC AG(b)		2,429,661
				14,658,727
GREECE — 0.1%
	102,270	OPAP SA		2,231,165
HONG KONG — 0.2%
	1,308,560	China Pharmaceutical Group Ltd.		666,005
	866,680	Digital China Holdings Ltd.		1,364,151
	4,468,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		745,881
	264,320	Jinhui Shipping & Transportation Ltd.(b)		1,137,612
	332,230	Kingboard Laminates Holdings Ltd.		234,182
	521,110	RCG Holdings Ltd.(b)		691,636
	4,068,000	Singamas Container Holdings Ltd.(b)		629,769
				5,469,236
INDIA — 0.3%
	101,930	Bajaj Finserv Ltd.		700,102
	32,500	Container Corp. of India		859,108
	2,036,827	GMR Infrastructure Ltd.(b)		2,645,350
	66,190	Gujarat Flourochemicals Ltd.		228,096
	67,900	Kotak Mahindra Bank Ltd.		1,141,357
	28,240	Nava Bharat Ventures Ltd.		240,186
	70,720	Polaris Software Lab Ltd.		242,829
	137,000	Rajesh Exports Ltd.		283,566
	101,800	Reliance Industries Ltd.		2,289,431
	19,830	Tata Steel Ltd.		243,074
	42,934	United Spirits Ltd.		1,144,200
				10,017,299
INDONESIA — 0.0%
	2,760,500	Berlian Laju Tanker Tbk PT		201,546

84

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS- (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
INDONESIA (continued)
	696,000	Medco Energi Internasional Tbk PT	$	177,075
				378,621
IRELAND — 0.2%
	114,700	Accenture Plc - Class A		4,701,553
	139,100	Elan Corp. Plc - ADR(b)		1,036,295
				5,737,848
ISRAEL — 0.1%
	61,400	Teva Pharmaceutical Industries Ltd. - ADR		3,482,608
ITALY — 0.3%
	174,140	ERG SpA		2,348,712
	1,788,000	Intesa Sanpaolo SpA(b)		6,806,273
				9,154,985
JAPAN — 0.4%
	110,200	Aeon Mall Co. Ltd.		1,999,258
	37,000	ASKUL Corp.		676,042
	220	Best Bridal Inc.		678,708
	16,000	C Uyemura & Co. Ltd.		634,998
	30,000	Cosmos Pharmaceutical Corp.		661,449
	126,000	Daicel Chemical Industries Ltd.		758,520
	63,000	Daiichikosho Co. Ltd.		778,125
	143,000	Daiwa Industries Ltd.		646,361
	380	Digital Garage Inc.		832,485
	41,000	Doshisha Co. Ltd.		878,827
	1,000	en-japan, Inc.(b)		1,165,079
	365,000	Mitsubishi Steel Manufacturing Co. Ltd.(b)		636,358
	619,000	Nippon Coke & Engineering Co. Ltd.		684,990
	33,000	Ryoshoku Ltd.		846,988
	25,000	Token Corp.		540,705
	487,000	Tokyotokeiba Co. Ltd.		702,299
	64,000	Yorozu Corp.		815,748
				13,936,940
MALAYSIA — 0.0%
	619,000	DRB-Hicom Berhad		187,916
	380,900	SapuraCrest Petroleum Berhad		257,323
				445,239
MEXICO — 0.2%
	108,300	America Movil SAB de CV - ADR, Series L		4,727,295
	552,600	Grupo Financiero Banorte SAB de CV - Series O		1,817,074
				6,544,369
MOROCCO — 0.0%
	1,500	Cosumar		258,611
NETHERLANDS — 0.2%
	52,060	Accell Group		2,442,861
	92,610	Grontmij NV CVA		2,280,275

Shares			Value
NETHERLANDS (continued)
	86,730	Sligro Food Group NV	$	2,622,729
				7,345,865
RUSSIA — 0.1%
	141,100	Gazprom OAO - ADR		3,472,471
	14,020	Mobile Telesystems OJSC - ADR		669,876
				4,142,347
SINGAPORE — 0.0%
	1,402,000	Chemoil Energy Ltd.		511,730
	1,518,000	Hi-P International Ltd.		741,015
				1,252,745
SOUTH AFRICA — 0.0%
	18,362	ArcelorMittal South Africa Ltd.		252,171
	45,720	Barloworld Ltd.		269,777
	27,390	Cashbuild Ltd.		262,084
	134,220	Grindrod Ltd.		263,804
	1,414,120	Merafe Resources Ltd.(b)		238,467
				1,286,303
SOUTH KOREA — 0.1%
	35,740	Global & Yuasa Battery Co. Ltd.(b)		644,367
	16,620	Korea Line Corp.(b)		585,078
	26,900	LG Display Co. Ltd.		869,592
	285,920	ON*Media Corp.(b)		849,821
				2,948,858
SPAIN — 0.2%
	45,820	Corp. Financiera Alba		2,294,868
	122,480	Gas Natural SDG SA		2,432,702
	678,100	Iberdrola Renovables SA		3,003,991
				7,731,561
SWITZERLAND — 0.3%
	2,630	Elektrizitaets-Gesellschaft Laufenburg AG		2,163,571
	27,501	Roche Holding AG		4,613,870
	11,000	Valora Holding AG		2,520,990
				9,298,431
TAIWAN — 0.1%
	399,050	Chi Mei Optoelectronics Corp.(b)		310,304
	80,000	Chinese Maritime Transport Ltd.		207,328
	1,787,460	Chunghwa Picture Tubes Ltd.(b)		217,761
	63,469	Dynapack International Technology Corp.		199,678
	176,000	First Steamship Co. Ltd.		259,614
	197,000	Formosa Advanced Technologies Co. Ltd.		284,492
	136,000	Gemtek Technology Corp.		229,137
	88,000	Green Energy Technology, Inc.		212,955

85

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS- (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	153,000	Senao International Co. Ltd.	$	222,022
	135,000	Taiwan Navigation Co. Ltd.		171,553
				2,314,844
THAILAND — 0.1%
	168,400	Airports of Thailand Public Co. Ltd. - FOR		196,419
	9,998,800	Bangkokland Public Co. Ltd.(b)		155,985
	93,100	Electricity Generating Public Co. Ltd. - NVDR		221,052
	1,823,620	Home Product Center Public Co. Ltd.		227,240
	1,058,700	LPN Development Public Co. Ltd. - FOR		208,875
	397,700	Precious Shipping Public Co. Ltd.		223,819
	67,100	Thai Plastic & Chemical Public Co. Ltd.		36,343
	322,000	Thai Plastic & Chemical Public Co. Ltd. - FOR		174,403
	63,900	Thai Stanley Electric Public Co. Ltd.		218,601
	282,290	Thoresen Thai Agencies Public Co. Ltd. - FOR		224,262
				1,886,999
TURKEY — 0.1%
	258,760	Turk Hava Yollari AO		943,475
	104,610	Yazicilar Holding AS - Class A		630,971
				1,574,446
UNITED KINGDOM — 0.7%
	74,331	Rio Tinto Plc		3,624,740
	960,700	Rolls-Royce Group Plc(b)		7,320,029
	134,000	Standard Chartered Plc		3,086,501
	311,800	Tesco Plc		2,110,197
	1,151,900	Vodafone Group Plc		2,460,916
	318,860	WPP Plc		2,942,263
				21,544,646
UNITED STATES — 4.7%
	13,950	Abbott Laboratories		738,513
	16,180	Advance Auto Parts, Inc.		638,301
	31,500	Amazon.com, Inc.(b)		3,950,415
	14,950	Amedisys, Inc.(b)		821,502
	21,880	American Physicians Capital, Inc.		607,389
	27,030	America’s Car-Mart, Inc.(b)		636,016
	18,630	Andersons, Inc. (The)		502,637
	118,410	APAC Customer Services, Inc.(b)		613,364
	40,360	Apogee Enterprises, Inc.		555,354
	30,200	Apple, Inc.(b)		5,802,024
	76,160	Arch Coal, Inc.		1,604,691
	5,620	Arden Group, Inc. - Class A		571,723
	67,300	Autodesk, Inc.(b)		1,601,067
	10,800	AutoZone, Inc.(b)		1,674,324

Shares			Value
UNITED STATES (continued)
	29,480	Barnes & Noble, Inc.	$	515,310
	55,400	Bed Bath & Beyond, Inc.(b)		2,143,980
	25,290	Black Hills Corp.		657,034
	24,140	Brink’s Co. (The)		564,393
	49,540	Cabela’s, Inc.(b)		798,585
	52,900	Cameron International Corp.(b)		1,992,214
	18,750	Carlisle Cos., Inc.		628,500
	54,260	Celadon Group, Inc.(b)		532,833
	17,700	Celgene Corp.(b)		1,005,006
	13,250	Chubb Corp.		662,500
	13,140	Contango Oil & Gas Co.(b)		640,575
	22,080	Discovery Communications, Inc. - Class A(b)		654,893
	35,060	DISH Network Corp. - Class A		640,196
	12,790	Dollar Tree, Inc.(b)		633,361
	75,190	Earthlink, Inc.		609,791
	21,700	Edwards Lifesciences Corp.(b)		1,944,754
	31,020	EMC Insurance Group, Inc.		641,494
	28,780	Endo Pharmaceuticals Holdings, Inc.(b)		578,766
	23,000	EOG Resources, Inc.		2,079,660
	269,000	Fifth Third Bancorp		3,346,360
	11,790	Fluor Corp.		534,559
	112,070	Force Protection, Inc.(b)		570,436
	22,410	Forest Laboratories, Inc.(b)		664,232
	49,990	Fred’s, Inc. - Class A		501,400
	29,310	Gap, Inc. (The)		559,235
	38,720	General Electric Co.		622,618
	65,200	Gilead Sciences, Inc.(b)		3,147,204
	26,380	Global Partners LP		676,647
	27,100	Goldman Sachs Group, Inc. (The)		4,030,312
	12,200	Google, Inc. - Class A(b)		6,458,924
	20,600	Gulfmark Offshore, Inc.(b)		505,730
	57,890	H&E Equipment Services, Inc.(b)		614,213
	18,380	Harsco Corp.		546,989
	74,250	Hawaiian Holdings, Inc.(b)		441,045
	23,290	HCC Insurance Holdings, Inc.		631,159
	15,150	Hubbell, Inc. - Class B		652,359
	69,400	Huntsman Corp.		845,986
	28,440	Huron Consulting Group, Inc.(b)		678,010
	4,100	Illumina, Inc.(b)		150,429
	14,730	Infinity Property & Casuality Corp.		584,192
	55,460	Insight Enterprises, Inc.(b)		638,345
	5,340	International Business Machines Corp.		653,563
	14,820	J & J Snack Foods Corp.		619,624
	13,760	Jacobs Engineering Group, Inc.(b)		519,990
	66,400	Janus Capital Group, Inc.		810,744
	10,276	JDA Software Group, Inc.(b)		269,334
	23,400	Jo-Ann Stores, Inc.(b)		819,468
	13,490	Jos. A. Bank Clothiers, Inc.(b)		565,366

86

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS- (Continued)	January 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	208,900	JPMorgan Chase & Co.	$	8,134,566
	210,800	Juniper Networks, Inc.(b)		5,234,164
	98,700	Keycorp		708,666
	11,290	Kimberly-Clark Corp.		670,513
	11,680	Kohl’s Corp.(b)		588,322
	6,760	K-Tron International, Inc.(b)		1,005,347
	20,410	LB Foster Co. - Class A(b)		550,662
	20,540	LHC Group, Inc.(b)		632,427
	28,970	Lincoln Educational Services Corp.(b)		600,258
	152,600	Lowe’s Cos., Inc.		3,303,790
	11,210	Manpower, Inc.		580,566
	13,110	Mantech International Corp - Class A(b)		628,100
	48,250	Marcus Corp.		539,435
	15,800	Mastercard, Inc. - Class A		3,948,420
	58,890	Matrix Service Co.(b)		594,200
	24,950	McGraw-Hill Cos., Inc. (The)		884,477
	39,470	Mirant Corp.(b)		555,343
	27,200	Monsanto Co.		2,063,936
	92,200	Morgan Stanley		2,469,116
	25,890	Mueller Industries, Inc.		636,635
	22,020	Multi-Fineline Electronix, Inc.(b)		525,617
	49,200	Murphy Oil Corp.		2,513,136
	56,480	National Beverage Corp.		651,214
	7,670	National Presto Industries, Inc.		878,368
	200,280	Newpark Resources, Inc.(b)		799,117
	48,800	NIKE, Inc. - Class B		3,111,000
	17,160	Noble Corp.		691,891
	19,390	Northwest Pipe Co.(b)		463,809
	24,510	Pactiv Corp.(b)		552,700
	26,390	Papa John’s International, Inc.(b)		622,804
	39,380	Perry Ellis International, Inc.(b)		631,261
	21,230	PPL Corp.		626,073
	27,000	Praxair, Inc.		2,033,640
	82,100	Qualcomm, Inc.		3,217,499
	37,340	Quest Software, Inc.(b)		642,995
	229,300	Quiksilver, Inc.(b)		463,186
	43,600	Red Hat, Inc.(b)		1,186,792
	15,240	Reliance Steel & Aluminum Co.		620,878
	14,330	Reynolds American, Inc.		762,356
	63,120	RPC, Inc.		779,532
	20,080	Safety Insurance Group, Inc.		702,800
	21,230	Scansource, Inc.(b)		599,960
	33,700	Schlumberger Ltd.		2,138,602
	11,510	Schnitzer Steel Industries, Inc. - Class A		466,155
	510	Seaboard Corp.		627,300
	7,950	SEACOR Holdings, Inc.(b)		558,487
	10,540	Sherwin-Williams Co. (The)		667,709
	21,700	STERIS Corp.		565,936
	86,800	TD Ameritrade Holding Corp.(b)		1,541,568

Shares			Value
UNITED STATES (continued)
	80,610	TeleCommunication Systems, Inc. - Class A(b)	$	706,144
	37,270	TeleTech Holdings, Inc.(b)		709,621
	14,840	Torchmark Corp.		666,316
	13,580	Travelers Cos., Inc. (The)		688,099
	26,490	United Natural Foods, Inc.(b)		718,144
	25,820	W.R. Berkley Corp.		628,201
	127,950	Wal-Mart Stores, Inc.		6,836,367
	55,300	WellPoint, Inc.(b)		3,523,716
	29,030	Weyco Group, Inc.		654,917
	26,370	World Acceptance Corp.(b)		1,065,084
	61,500	Yum! Brands, Inc.		2,103,915
				152,171,490
Total Common Stocks (Cost $316,088,481)				337,301,318
EXCHANGE TRADED FUNDS — 2.0%
UNITED STATES — 2.0%
	150,000	iShares iBoxx High Yield Corp. Bond Fund		12,933,000
	1,000,000	iShares MSCI Malaysia Index Fund		10,550,000
	665,000	iShares MSCI South Korea Index Fund		30,217,600
	960,000	iShares MSCI Taiwan Index Fund		11,587,200
Total Exchange Traded Funds (Cost $54,421,200)				65,287,800
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	414,100	Bank of America Corp., Cnv.(b)		6,252,910
	5,000	Crown Castle International Corp., Cnv.(b)		287,500
	225,000	Fannie Mae(b)		247,500
	250,000	Freddie Mac(b)		267,500
Total Preferred Stocks (Cost $13,244,028)				7,055,410

Principal Amount			Value
BANK LOANS — 2.4%
UNITED STATES — 2.4%
$	2,000,000	Alliance Health Care Services, Term B Loan, 3.81%, 11/30/15(d)		1,978,126
	992,347	Amscan Holdings, Inc., 2.53%, 05/27/13(d)		920,402
	500,000	Building Materials Corp. of America, Junior Lien, 5.75%, 09/15/14(d)		487,500
	1,588,676	Calpine Corp., 3.48%, 03/29/14(d)		1,499,810

87

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PORTFOLIO OF INVESTMENTS- (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,989,822	Cengage Learning Acquisitions, Inc., 2.77%, 07/03/14(d)	$	1,761,546
	1,983,293	Central Garden & Pet Co., 1.78%, 09/30/12(d)		1,868,262
	2,500,000	Cequel Communications LLC, Tranche A Term Loan, Second Lien, 4.76%, 05/05/14(d)		2,442,857
	3,750,000	Dana Holding Corp., Term Advance, 7.25%, 01/30/15(d)		3,604,016
	1,970,416	DJO Finance LLC/DJO Finance Corp., 3.28%, 05/20/14(d)		1,906,378
	1,474,531	Dollar General Corp., 3.55%, 07/07/14(d)		1,430,977
	1,000,000	Dresser, Inc., 3.10%, 05/04/14(d)		956,500
	2,000,000	Gray Television, Inc., 1.50%, 12/31/14(d)		1,830,000
	2,000,000	Harrah’s Operating Co., Inc., 3.00%, 01/28/15(d)		1,652,500
	2,000,000	Intelsat Jackson Holdings Ltd., 3.24%, 02/01/14(d)		1,853,500
	386,772	Isle of Capri Casinos, Inc., 1.98%, 11/25/13(d)		381,937
	340,167	Isle of Capri Casinos, Inc., 1.98%, 11/25/13(d)		335,915
	966,929	Isle of Capri Casinos, Inc., 2.83%, 11/25/13(d)		954,842
	2,330,063	L-1 Identity Solutions, Inc., 7.02%, 08/05/13(d)		2,330,063
	544,894	Las Vegas Sands Corp., I Term Loan, 2.02%, 05/23/14(d)		478,825
	2,696,809	Las Vegas Sands Corp., Tranche B Term Loan, 2.02%, 05/23/14(d)		2,369,820
	1,221,666	Manitowoc Co., Inc., 6.12%, 11/06/14(d)		1,213,521
	4,324,268	MGM Mirage, Inc., 6.00%, 10/03/11(d)		4,145,892
	2,292,414	Michael Foods, Inc., 6.50%, 04/27/14(d)		2,309,607
	1,492,288	Michaels Stores, Inc., Replacement Loan, 3.00%, 10/31/13(d)		1,344,459
	3,285,170	Nuveen Investments, Inc., 3.49%, 11/13/14(d)		2,893,686
	1,000,000	Nuveen Investments, Inc., 12.50%, 07/21/15(d)		880,833
	2,197,174	Oshkosh Corp., 6.58%, 12/06/13(d)		2,202,168

Principal Amount				Value
UNITED STATES (continued)
$	2,972,694		OSI Restaurant Partners LLC, 2.56%, 06/14/14(d)	$	2,671,709
	253,664		OSI Restaurant Partners LLC, Pre-Funded Loan,
			2.56%, 06/14/13(d)		227,981
	2,352,624		Penn National Gaming, Inc., 2.44%, 10/03/12(d)		2,304,918
	1,977,189		Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 2.99%, 04/02/14(d)		1,867,827
	1,000,000		Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., Term Loan C, 7.50%, 04/01/15(d)		1,006,250
	3,400,000		PQ Corp., Second Lien, 6.50%, 07/30/15(d)		3,072,750
	2,534,694		Rental Service Corp., 4.01%, 11/30/13(d)		2,388,949
	3,359,852		Sensata Technologies B.V./Sensata Technologies Finance Co. LLC, 2.19%, 04/27/13(d)		3,043,818
	274,118		ServiceMaster Co. (The), 2.74%, 07/24/14(d)		252,788
	2,752,600		ServiceMaster Co. (The), 2.81%, 07/24/14(d)		2,538,414
	78,255		Spectrum Brands, Inc., 1.50%, 03/30/13(d)		78,084
	1,510,789		Spectrum Brands, Inc., 8.00%, 03/30/13(d)		1,507,485
	1,338,948		SunGard Data Systems, Inc., 3.42%, 02/28/16(d)		1,292,085
	2,250,000		TXU Energy, Initial Tranche B-3 Term Loan, 3.50%, 10/10/14(d)		1,826,564
	2,000,000		Univar, Inc., Tranche B Term Loan, 3.23%, 10/10/14(d)		1,882,500
	1,000,000		US Foodservice, Term Loan, 2.50%, 07/03/14(d)		879,500
	1,500,000		Venoco, Inc., 4.25%, 05/07/14(d)		1,380,000
	1,704,169		Yankee Candle Co., Inc., 2.27%, 02/06/14(d)		1,643,813
Total Bank Loans (Cost $70,303,583)					75,899,377
CORPORATE BONDS — 59.2%
AUSTRALIA — 0.3%
	12,000,000	(e)	Transpacific Industries Group Ltd., Cnv., 6.75%, 12/07/14		9,213,856

88

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
AUSTRIA — 0.4%
	6,462,800	(e)	A-TEC Industries AG, Cnv., 2.75%, 05/10/14	$	12,992,984
BERMUDA — 2.0%
	7,000,000	(f)	Celestial Nutrifoods Ltd., Cnv., 15.73%, 06/12/11(g)		2,986,667
$	24,000,000		Central European Media Enterprises Ltd., Cnv., 3.50%, 03/15/13(h)		20,070,000
	14,500,000		Global Crossing Ltd., Cnv., 5.00%, 05/15/11		14,264,375
	6,225,000		Intelsat Bermuda Ltd., STEP, 11.25%, 02/04/17		6,318,375
	1,550,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		1,646,875
	850,000		Intelsat Ltd., 7.63%, 04/15/12		854,250
	4,600,000		Intelsat Ltd., 6.50%, 11/01/13		4,347,000
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(h)		1,530,000
	1,000,000		Norwegian Cruise Line Corp. Ltd., 11.75%, 11/15/16(h)		1,060,000
	4,500,000		Pacific Andes Holdings Ltd., Cnv., 4.00%, 04/18/12		4,111,875
	200,000		Petroplus Finance Ltd., 6.75%, 05/01/14(h)		185,000
	1,000,000		Petroplus Finance Ltd., 9.38%, 09/15/19(h)		990,000
	7,000,000		Seadrill Ltd., Cnv., 3.63%, 11/08/12		6,834,842
					65,199,259
BRAZIL — 0.0%
	1,000,000		Petrobras International Finance Co., 5.75%, 01/20/20		988,866
CANADA — 0.2%
	2,200,000		Teck Resources Ltd., 10.75%, 05/15/19		2,590,500
	3,000,000		Videotron Ltee, 6.88%, 01/15/14		2,985,000
	100,000		Videotron Ltee, 9.13%, 04/15/18		108,000
	1,750,000		Videotron Ltee, 9.13%, 04/15/18(h)		1,881,250
					7,564,750
CHINA — 0.5%
	10,000,000		China Medical Technologies, Inc., Cnv., 3.50%, 11/15/11		8,087,500

Principal Amount				Value
CHINA (continued)
$	10,000,000		China Medical Technologies, Inc., Cnv., 4.00%, 08/15/13	$	6,137,500
					14,225,000
FINLAND — 0.3%
	8,800,000	(e)	Talvivaara Mining Co. Plc, Cnv., 5.25%, 05/20/13		10,901,902
FRANCE — 0.6%
	1,150,000		Cie Generale de Geophysique-Veritas, 7.50%, 05/15/15		1,141,375
	2,000,000		Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16		2,140,000
	750,000		Cie Generale de Geophysique-Veritas, 7.75%, 05/15/17		744,375
	23,443,000	(e)	Rhodia SA, Cnv., 0.50%, 01/01/14		13,993,414
					18,019,164
GERMANY — 0.5%
	500,000		Kabel Deutschland GmbH, 10.63%, 07/01/14		522,500
	2,637,000	(i)	Kreditanstalt Fuer Wiederaufbau, 6.50%, 11/15/11		1,918,895
	11,000,000	(e)	TUI AG, Cnv., 2.75%, 09/01/12		12,360,313
					14,801,708
INDIA — 0.7%
	5,700,000		Jaiprakash Associates Ltd., Cnv., 1.63%, 09/12/12(g)		6,768,750
	13,000,000		Ranbaxy Laboratories Ltd., Cnv., 14.20%, 03/18/11(g)		15,416,479
					22,185,229
JAPAN — 0.5%
	1,650,000,000	(e)	Pioneer Corp., Cnv., 19.33%, 03/04/11(g)		15,809,327
LUXEMBOURG — 0.9%
	1,000,000		ArcelorMittal, 9.00%, 02/15/15		1,210,263
	1,000,000		FMC Finance III SA, 6.88%, 07/15/17		1,032,500
	500,000		Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(h)		526,326
	14,500,000	(e)	Kloeckner & Co. Finance International SA, Cnv., 1.50%, 07/27/12		17,710,711

89

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
LUXEMBOURG (continued)
$	8,500,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(h)	$	9,243,750
					29,723,550
NETHERLANDS — 0.2%
	5,118,750	(e)	EM.TV Finance BV, Cnv., 5.25%, 05/08/13		6,308,579
NEW ZEALAND — 0.1%
	3,074,000	(e)	European Investment Bank, 6.50%, 09/10/14		2,259,793
NORWAY — 1.3%
	37,400,000		Petroleum Geo-Services ASA, Cnv., 2.70%, 12/03/12		32,833,423
	10,000,000		Subsea 7, Inc., Cnv., 2.80%, 06/06/11		9,800,000
					42,633,423
PHILIPPINES — 0.5%
	15,000,000		First Gen Corp., Cnv., 2.50%, 02/11/13		16,283,925
SOUTH AFRICA — 0.6%
	75,000,000	(e)	Netcare Ltd., Cnv., 6.00%, 09/30/11		9,591,077
	64,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 5.70%, 07/31/13		7,215,347
	19,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		2,542,056
					19,348,480
SWEDEN — 0.1%
	910,000	(i)	Svensk Exportkredit AB, 7.63%, 06/30/14		684,797
	2,000,000		Volvo Treasury AB, 5.95%, 04/01/15(h)		2,118,130
					2,802,927
THAILAND — 0.4%
	11,100,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		11,254,745
UNITED ARAB EMIRATES — 0.4%
	15,350,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		13,770,485
UNITED KINGDOM — 0.6%
	11,000,000		International Power Finance (Jersey) III Ltd., Cnv., 4.75%, 06/05/15		15,182,407
	2,250,000		Virgin Media Finance Plc, 9.13%, 08/15/16		2,340,000

Principal Amount			Value
UNITED KINGDOM (continued)
$	1,000,000	Virgin Media Finance Plc, 9.50%, 08/15/16	$	1,060,000
	1,000,000	Virgin Media Finance Plc, 8.38%, 10/15/19		1,025,000
				19,607,407
UNITED STATES — 48.0%
	1,850,000	Accellent, Inc., 10.50%, 12/01/13		1,854,625
	31,134,000	ADC Telecommunications, Inc., Cnv., 0.83%, 06/15/13(d)		25,685,550
	11,000,000	Advanced Micro Devices, Inc., Cnv., 6.00%, 05/01/15		10,065,000
	4,000,000	AES Corp. (The), 9.75%, 04/15/16(h)		4,330,000
	3,250,000	AES Corp. (The), 8.00%, 10/15/17		3,274,375
	500,000	AES Corp. (The), 8.00%, 06/01/20		501,250
	1,750,000	Affinion Group Inc., 10.13%, 10/15/13		1,778,438
	2,250,000	Affinion Group Inc., 11.50%, 10/15/15		2,328,750
	14,000,000	Affymetrix, Inc., Cnv., 3.50%, 01/15/38		12,337,500
	2,275,000	Airgas, Inc., 7.13%, 10/01/18(h)		2,388,750
	3,250,000	AK Steel Corp., 7.75%, 06/15/12		3,266,250
	30,250,000	Alcatel-Lucent USA Inc., 2.88%, 06/15/25		26,015,000
	6,045,000	Alexandria Real Estate Equities, Inc., REIT, Cnv., 3.70%, 01/15/27(h)		5,757,863
	4,650,000	Allbritton Communications Co., 7.75%, 12/15/12		4,615,125
	2,350,000	Alliant Techsystems, Inc., 6.75%, 04/01/16		2,344,125
	3,000,000	Altria Group, Inc., 9.25%, 08/06/19		3,693,792
	1,000,000	Ameren Corp., 8.88%, 05/15/14		1,161,926
	250,000	American Airlines, Inc., 10.50%, 10/15/12(h)		260,625
	2,450,000	American Axle & Manufacturing, Inc., 9.25%, 01/15/17(h)		2,535,750
	1,050,000	American Axle & Manufacturing, Inc., 7.88%, 03/01/17		910,875
	2,900,000	American Casino & Entertainment Properties LLC, 11.00%, 06/15/14(h)		2,581,000

90

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GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,500,000	AmeriGas Partners LP, 7.25%, 05/20/15	$	2,537,500
	500,000	AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 7.13%, 05/20/16		506,250
	3,000,000	Ameristar Casinos, Inc., 9.25%, 06/01/14(h)		3,097,500
	1,450,000	ARAMARK Corp., 5.00%, 06/01/12		1,373,875
	11,000,000	ARAMARK Corp., 8.50%, 02/01/15		11,027,500
	2,000,000	Arch Western Finance LLC, 6.75%, 07/01/13		1,980,000
	1,100,000	ArvinMeritor, Inc., 8.75%, 03/01/12		1,127,500
	1,650,000	ArvinMeritor, Inc., 8.13%, 09/15/15		1,551,000
	7,000,000	ArvinMeritor, Inc., Cnv., 4.00%, 02/15/27		5,013,750
	11,000,000	ArvinMeritor, Inc., Cnv., STEP, 4.63%, 03/01/26		9,446,250
	1,150,000	Ashland, Inc., 9.13%, 06/01/17(h)		1,253,500
	1,000,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.75%, 05/15/16		932,500
	2,200,000	Avis Budget Group, Inc., Cnv., 3.50%, 10/01/14(h)		2,142,250
	2,050,000	Baldor Electric Co., 8.63%, 02/15/17		2,085,875
	250,000	Ball Corp., 6.63%, 03/15/18		251,875
	2,500,000	Ball Corp., 7.38%, 09/01/19		2,606,250
	5,000,000	Bell Microproducts, Inc., Series B, Cnv., 3.75%, 03/05/24		4,693,750
	1,000,000	Biomet, Inc., 10.00%, 10/15/17		1,087,500
	3,250,000	Biomet, Inc., 11.63%, 10/15/17		3,575,000
	2,000,000	Boise Paper Holdings LLC, 9.00%, 11/01/17(h)		2,115,000
	1,600,000	Bon-Ton Department Stores, Inc. (The), 10.25%, 03/15/14		1,464,000
	5,000,000	Boyd Gaming Corp., 6.75%, 04/15/14		4,625,000
	2,000,000	Brunswick Corp., 11.25%, 11/01/16(h)		2,240,000
	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17(h)		1,759,500
	4,088,000	Calpine Corp., 7.25%, 10/15/17(h)		3,934,700

Principal Amount			Value
UNITED STATES (continued)
$	13,000,000	Carrizo Oil & Gas, Inc., Cnv., 4.38%, 06/01/28	$	11,261,250
	4,000,000	CBIZ, Inc., Cnv., 3.13%, 06/01/26		3,800,000
	500,000	Cemex Finance LLC, 9.50%, 12/14/16(h)		508,750
	18,000,000	Central European Distribution Corp., Cnv., 3.00%, 03/15/13		15,795,000
	3,000,000	Cenveo Corp., 7.88%, 12/01/13		2,865,000
	2,500,000	Cenveo Corp., 8.88%, 02/01/18		2,482,525
	3,150,000	Ceridian Corp., 11.25%, 11/15/15		3,071,250
	1,000,000	Ceridian Corp., 12.25%, 11/15/15(j).		970,000
	8,000,000	Chemed Corp., Cnv., 1.88%, 05/15/14		6,880,000
	4,250,000	Chesapeake Energy Corp., 6.88%, 01/15/16		4,186,250
	2,000,000	Chesapeake Energy Corp., 6.25%, 01/15/18		1,895,000
	1,000,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		1,033,750
	54,000,000	Ciena Corp., Cnv., 0.25%, 05/01/13		43,672,500
	1,000,000	CIGNA Corp., 8.50%, 05/01/19		1,206,308
	4,000,000	Cincinnati Bell, Inc., 8.38%, 01/15/14		4,030,000
	2,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		1,945,000
	1,000,000	Cincinnati Bell, Inc., 8.25%, 10/15/17		1,002,500
	1,500,000	CIT Group, Inc., 7.00%, 05/01/16		1,290,000
	4,250,000	Clear Channel Communications, Inc., 6.25%, 03/15/11		3,995,000
	850,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(h)		869,125
	4,050,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(h)		4,171,500
	5,000,000	Cogent Communications Group, Inc., Cnv., 1.00%, 06/15/27		3,531,250
	14,000,000	Conexant Systems, Inc., Cnv., 4.00%, 03/01/26		13,317,500
	1,750,000	Constellation Brands, Inc.,7.25%, 09/01/16		1,758,750

91

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GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,300,000	Constellation Brands, Inc., 7.25%, 05/15/17	$	1,304,875
	2,650,000	Corrections Corp. of America, 7.75%, 06/01/17		2,722,875
	20,600,000	Covanta Holding Corp., Cnv., 1.00%, 02/01/27		19,080,750
	1,750,000	Crown Americas LLC/Crown Americas Capital Corp II, 7.63%, 05/15/17(h)		1,793,750
	842,000	Crown Americas LLC/Crown Americas Capital Corp., 7.63%, 11/15/13		868,312
	3,500,000	Crown Castle International Corp., 9.00%, 01/15/15		3,793,125
	1,000,000	CSC Holdings, Inc., 8.50%, 04/15/14(h)		1,060,000
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,138,500
	3,000,000	DaVita, Inc., 7.25%, 03/15/15		3,003,750
	500,000	Delta Air Lines, Inc., 9.50%, 09/15/14(h)		521,250
	1,600,000	Denbury Resources, Inc., 7.50%, 12/15/15		1,596,000
	2,500,000	Denbury Resources, Inc., 9.75%, 03/01/16		2,634,375
	2,000,000	Discover Bank, 8.70%, 11/18/19		2,184,286
	3,000,000	DISH DBS Corp., 6.63%, 10/01/14		2,977,500
	250,000	DISH DBS Corp., 7.13%, 02/01/16		250,625
	1,000,000	DISH DBS Corp., 7.88%, 09/01/19(h)		1,032,500
	1,500,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,590,000
	1,150,000	Dole Food Co., Inc., 8.00%, 10/01/16(h)		1,190,250
	1,000,000	Dynegy Holdings, Inc., 7.50%, 06/01/15		895,000
	4,000,000	Dynegy Holdings, Inc., 8.38%, 05/01/16		3,610,000
	2,000,000	Easton-Bell Sports, Inc., 9.75%, 12/01/16(h)		2,085,000
	250,000	Edison Mission Energy, 7.50%, 06/15/13		237,500
	1,250,000	Edison Mission Energy, 7.00%, 05/15/17		987,500
	3,900,000	Edison Mission Energy, 7.20%, 05/15/19		3,022,500

Principal Amount			Value
UNITED STATES (continued)
$	1,250,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14	$	1,290,625
	3,150,000	El Paso Corp., 7.00%, 06/15/17		3,220,579
	1,000,000	El Paso Corp., 7.25%, 06/01/18		1,027,546
	3,090,000	Encore Acquisition Co., 6.00%, 07/15/15		3,101,588
	6,315,000	EnerSys, Cnv., STEP, 3.38%, 06/01/38		5,399,325
	27,000,000	Euronet Worldwide, Inc., Cnv., 3.50%, 10/15/25		24,975,000
	4,600,000	EXCO Resources, Inc., 7.25%, 01/15/11		4,600,000
	9,788,000	Exterran Energy Corp., Cnv., 4.75%, 01/15/14		8,894,845
	2,550,000	Felcor Lodging Trust, Inc., REIT, 10.00%, 10/01/14(h)		2,524,500
	1,500,000	Ferrellgas Partners LP, 9.13%, 10/01/17(h)		1,593,750
	1,705,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.75%, 06/15/12		1,709,262
	6,500,000	Ferro Corp., Cnv., 6.50%, 08/15/13		5,947,500
	2,350,000	Ford Motor Credit Co. LLC, 7.80%, 06/01/12		2,382,858
	6,500,000	Ford Motor Credit Co. LLC, 8.00%, 06/01/14		6,600,490
	5,400,000	Ford Motor Credit Co. LLC, 8.13%, 01/15/20		5,436,326
	2,400,000	Fresenius US Finance II, Inc., 9.00%, 07/15/15(h)		2,688,000
	750,000	FTI Consulting, Inc., 7.75%, 10/01/16		761,250
	2,500,000	Gaylord Entertainment Co., Cnv., 3.75%, 10/01/14(h)		2,431,250
	13,000,000	GenCorp, Inc., Cnv., 2.25%, 11/15/24		11,651,250
	3,000,000	GenCorp, Inc., Cnv., 4.06%, 12/31/39(h)		2,688,750
	2,350,000	GeoEye, Inc., 9.63%, 10/01/15(h)		2,397,000
	1,100,000	Georgia-Pacific LLC, 8.25%, 05/01/16(h)		1,177,000
	22,000,000	Global Industries Ltd., Cnv., 2.75%, 08/01/27		13,970,000
	13,800,000	Goodrich Petroleum Corp., Cnv., 3.25%, 12/01/26		12,730,500

92

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16	$	3,797,500
	850,000	Graham Packaging Co. LP/GPC Capital Corp. I, 9.88%, 10/15/14		874,438
	250,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.25%, 01/01/17(h)		253,750
	1,250,000	Graphic Packaging International, Inc., 9.50%, 06/15/17(h)		1,334,375
	26,500,000	Great Atlantic & Pacific Tea Co., Cnv., 6.75%, 12/15/12		22,856,250
	4,500,000	GSI Commerce, Inc., Cnv., 2.50%, 06/01/27		4,455,000
	2,250,000	Hanesbrands, Inc., 8.00%, 12/15/16		2,306,250
	2,500,000	Harrah’s Operating Co., Inc., 10.00%, 12/15/18		1,987,500
	1,500,000	HCA, Inc., 6.30%, 10/01/12		1,473,750
	1,750,000	HCA, Inc., 6.75%, 07/15/13		1,701,875
	1,000,000	HCA, Inc., 5.75%, 03/15/14		917,500
	200,000	HCA, Inc., 9.13%, 11/15/14		208,500
	3,220,000	HCA, Inc., 6.50%, 02/15/16		2,962,400
	1,650,000	HCA, Inc., 9.25%, 11/15/16		1,740,750
	2,900,000	HCA, Inc., 8.50%, 04/15/19(h)		3,066,750
	5,000,000	Headwaters, Inc., Cnv., 2.50%, 02/01/14		3,700,000
	1,200,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(h)		1,230,000
	20,150,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		18,210,563
	6,000,000	Hercules Offshore, Inc., Cnv., STEP, 3.38%, 06/01/38(h)		4,830,000
	2,750,000	Hertz Corp. (The), 8.88%, 01/01/14		2,770,625
	2,000,000	Hertz Corp. (The), 10.50%, 01/01/16		2,095,000
	3,400,000	Hexion Finance Escrow LLC/Hexion Escrow Corp., 8.88%, 02/01/18(h)		3,276,750
	20,750,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		17,430,000

Principal Amount			Value
UNITED STATES (continued)
$	9,000,000	Horizon Lines, Inc., Cnv., 4.25%, 08/15/12	$	7,695,000
	3,750,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17(h)		3,787,500
	1,250,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26		1,033,250
	2,250,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		2,143,125
	1,700,000	Host Hotels & Resorts LP, REIT, 7.13%, 11/01/13		1,712,750
	750,000	Host Hotels & Resorts LP, REIT, Cnv., 2.63%, 04/15/27(h)		719,062
	500,000	HUB International Holdings, Inc., 9.00%, 12/15/14(h)		483,750
	2,000,000	Hughes Network Systems LLC/HNS Finance Corp., 9.50%, 04/15/14		2,045,000
	2,500,000	Huntsman International LLC, 7.88%, 11/15/14		2,412,500
	2,500,000	Huntsman International LLC, 5.50%, 06/30/16(h)		2,181,250
	16,000,000	Hutchinson Technology, Inc., Cnv., 3.25%, 01/15/26		13,260,000
	500,000	Hyatt Hotels Corp., 6.88%, 08/15/19(h)		519,992
	2,750,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 06/15/14		2,791,250
	15,000,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		13,443,750
	600,000	Inergy LP Inergy Finance Corp., 6.88%, 12/15/14		598,500
	1,825,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		1,866,062
	3,250,000	Ingles Markets Inc., 8.88%, 05/15/17		3,367,812
	10,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(h)		9,512,500
	1,350,000	Intelsat Corp., 9.25%, 08/15/14		1,377,000
	2,000,000	Interpublic Group of Cos., Inc., 10.00%, 07/15/17(h)		2,210,000
	17,950,000	Interpublic Group of Cos., Inc., Cnv., 4.25%, 03/15/23		17,725,625
	250,000	Ipalco Enterprises, Inc., 7.25%, 04/01/16(h)		253,750

93

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	Iron Mountain, Inc., 7.75%, 01/15/15	$	3,526,250
	1,800,000	Iron Mountain, Inc., 6.63%, 01/01/16		1,746,000
	4,585,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		4,074,919
	1,000,000	Jarden Corp., 8.00%, 05/01/16		1,042,500
	3,000,000	Jarden Corp., 7.50%, 05/01/17		3,015,000
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,005,000
	17,000,000	JDS Uniphase Corp., Cnv., 1.00%, 05/15/26		14,471,250
	1,950,000	Key Energy Services, Inc., 8.38%, 12/01/14		1,950,000
	3,750,000	Kinetic Concepts, Inc., Cnv., 3.25%, 04/15/15(h)		3,839,062
	35,940,000	King Pharmaceuticals, Inc., Cnv., 1.25%, 04/01/26		32,525,700
	2,000,000	Kulicke & Soffa Industries, Inc., Cnv., 0.88%, 06/01/12		1,715,000
	11,675,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		10,770,187
	1,000,000	L-3 Communications Corp., 6.13%, 07/15/13		1,010,000
	1,000,000	Lamar Media Corp., 7.25%, 01/01/13		1,000,000
	2,000,000	Lamar Media Corp., 6.63%, 08/15/15		1,925,000
	1,600,000	Lamar Media Corp., Series C, 6.63%, 08/15/15		1,524,000
	14,165,000	Leap Wireless International, Inc., Cnv., 4.50%, 07/15/14		11,845,481
	20,550,000	Level 3 Communications, Inc., Cnv., 5.25%, 12/15/11		19,650,938
	19,750,000	Level 3 Communications, Inc., Cnv., 3.50%, 06/15/12		17,972,500
	2,550,000	Levi Strauss & Co., 9.75%, 01/15/15		2,664,750
	1,100,000	Liberty Media LLC, 5.70%, 05/15/13		1,064,250
	11,913,840	Liberty Media LLC, Cnv., 3.13%, 03/30/23		12,301,040
	3,250,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		2,945,312
	2,500,000	LIN Television Corp., 6.50%, 05/15/13		2,387,500
	18,000,000	Live Nation, Inc., Cnv., 2.88%, 07/15/27		15,075,000

Principal Amount			Value
UNITED STATES (continued)
$	1,800,000	Ltd. Brands, Inc., 6.90%, 07/15/17	$	1,764,000
	1,400,000	Ltd. Brands, Inc., 8.50%, 06/15/19(h)		1,526,000
	500,000	Mariner Energy, Inc., 7.50%, 04/15/13		505,000
	2,000,000	Mariner Energy, Inc., 11.75%, 06/30/16		2,255,000
	200,000	Mariner Energy, Inc., 8.00%, 05/15/17		195,500
	2,250,000	Masco Corp., 6.13%, 10/03/16		2,166,471
	20,000,000	Masco Corp., Series B, Cnv., 3.75%, 07/20/31(g)		9,949,000
	2,800,000	Massey Energy Co., 6.88%, 12/15/13		2,779,000
	3,500,000	Massey Energy Co., Cnv., 3.25%, 08/01/15		3,075,625
	1,650,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		1,637,625
	5,725,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19(h)		5,725,000
	27,500,000	Medicis Pharmaceutical Corp., Cnv., 2.50%, 06/04/32		27,637,500
	9,000,000	Mentor Graphics Corp., Cnv., 6.25%, 03/01/26		8,808,750
	1,100,000	MGM Mirage, Inc., 8.38%, 02/01/11		1,057,375
	2,000,000	MGM Mirage, Inc., 10.38%, 05/15/14(h)		2,195,000
	2,000,000	MGM Mirage, Inc., 11.38%, 03/01/18(h)		1,890,000
	4,250,000	Michaels Stores, Inc., 11.38%, 11/01/16		4,420,000
	700,000	Michaels Stores, Inc., STEP, 13.00%, 11/01/16		579,250
	10,000,000	Micron Technology, Inc., Cnv., 1.88%, 06/01/14		8,712,500
	3,000,000	Mirant Americas Generation LLC, 8.30%, 05/01/11		3,056,250
	2,450,000	Mirant Americas Generation LLC, 8.50%, 10/01/21		2,352,000
	1,000,000	Mirant North America LLC, 7.38%, 12/31/13		995,000
	1,450,000	Nalco Co., 8.88%, 11/15/13		1,489,875
	2,950,000	NASDAQ OMX Group, Inc. (The), Cnv., 2.50%, 08/15/13		2,787,750

94

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	6,935,000	Nektar Therapeutics, Cnv., 3.25%, 09/28/12	$	6,562,244
	11,000,000	Newport Corp., Cnv., 2.50%, 02/15/12		10,092,500
	1,050,000	Nextel Communications, Inc., 7.38%, 08/01/15		947,625
	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14		560,000
	2,825,000	Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 08/01/14		2,938,000
	1,750,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 12.50%, 08/01/16		1,601,250
	31,000,000	NII Holdings, Inc., Cnv., 3.13%, 06/15/12		28,403,750
	1,000,000	NRG Energy, Inc., 7.38%, 02/01/16		995,000
	3,000,000	NRG Energy, Inc., 7.38%, 01/15/17		2,981,250
	3,000,000	Nuveen Investments, Inc., 10.50%, 11/15/15		2,775,000
	500,000	Office Depot, Inc., 6.25%, 08/15/13		481,250
	2,059,000	Omnicare, Inc., 6.88%, 12/15/15		2,012,672
	38,600,000	Omnicare, Inc., Cnv., 3.25%, 12/15/35		31,459,000
	12,000,000	OSI Pharmaceuticals, Inc., Cnv., 3.00%, 01/15/38		11,280,000
	2,500,000	Otter Tail Corp., 9.00%, 12/15/16		2,606,250
	3,120,000	Overstock.com, Inc., Cnv., 3.75%, 12/01/11		2,839,200
	2,250,000	Owens Corning, Inc., 9.00%, 06/15/19		2,586,809
	2,000,000	Owens-Brockway Glass Container, Inc., 7.38%, 05/15/16		2,080,000
	1,000,000	PAETEC Holding Corp., 9.50%, 07/15/15		967,500
	4,100,000	Pantry, Inc. (The), 7.75%, 02/15/14		3,925,750
	22,020,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		19,487,700
	6,000,000	Parker Drilling Co., Cnv., 2.13%, 07/15/12		5,362,500
	1,000,000	Penn National Gaming, Inc., 6.75%, 03/01/15		965,000
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19(h)		1,020,000
	2,900,000	Penske Auto Group, Inc., 7.75%, 12/15/16		2,791,250

Principal Amount			Value
UNITED STATES (continued)
$	1,350,000	Penske Auto Group, Inc., Cnv., 3.50%, 04/01/26	$	1,339,875
	2,500,000	PetroHawk Energy Corp., 9.13%, 07/15/13		2,606,250
	1,432,000	Pinnacle Entertainment, Inc., 8.25%, 03/15/12		1,432,000
	1,625,000	Pinnacle Entertainment, Inc., 7.50%, 06/15/15		1,503,125
	1,800,000	Pinnacle Entertainment, Inc., 8.63%, 08/01/17(h)		1,804,500
	2,750,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		2,763,750
	1,000,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15(h)		1,005,000
	2,400,000	Pioneer Natural Resources Co., 6.88%, 05/01/18		2,357,741
	500,000	Pioneer Natural Resources Co., Cnv., 2.88%, 01/15/38		519,375
	1,150,000	Plains Exploration & Production Co., 10.00%, 03/01/16		1,276,500
	4,500,000	Plains Exploration & Production Co., 7.63%, 06/01/18		4,567,500
	6,000,000	Playboy Enterprises, Inc., Cnv., 3.00%, 03/15/25		5,032,500
	13,722,000	Powerwave Technologies, Inc., Cnv., 1.88%, 11/15/24		11,869,530
	3,700,000	Psychiatric Solutions, Inc., 7.75%, 07/15/15		3,542,750
	1,250,000	Quiksilver, Inc., 6.88%, 04/15/15		1,087,500
	2,100,000	QVC, Inc., 7.50%, 10/01/19(h)		2,152,500
	500,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		443,750
	1,800,000	Qwest Communications International, Inc., 7.50%, 02/15/14		1,811,250
	2,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15(h)		2,070,000
	1,000,000	Qwest Communications International, Inc., 7.13%, 04/01/18(h)		975,000
	200,000	Qwest Communications International, Inc., Cnv., 3.50%, 11/15/25		205,750

95

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	6,000,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14	$	6,037,500
	1,400,000	Qwest Corp., 8.38%, 05/01/16		1,533,000
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		1,027,500
	1,000,000	Range Resources Corp., 7.50%, 10/01/17		1,037,500
	250,000	Revlon Consumer Products Corp., 9.75%, 11/15/15(h)		257,812
	2,000,000	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.75%, 10/15/16(h)		2,015,000
	1,250,000	RITE AID Corp., 7.50%, 03/01/17		1,150,000
	7,300,000	RITE AID Corp., Cnv., 8.50%, 05/15/15		6,980,625
	1,500,000	Rock-Tenn Co., 9.25%, 03/15/16(h)		1,631,250
	4,500,000	RRI Energy, Inc., 7.63%, 06/15/14		4,320,000
	500,000	RRI Energy, Inc., 7.88%, 06/15/17		476,250
	700,000	RSC Equipment Rental, Inc., 9.50%, 12/01/14		708,750
	1,500,000	RSC Equipment Rental, Inc., 10.00%, 07/15/17(h)		1,631,250
	250,000	Sally Holdings LLC/Sally Capital, Inc., 9.25%, 11/15/14		259,375
	56,000,000	SanDisk Corp., Cnv., 1.00%, 05/15/13		45,290,000
	2,500,000	Sanmina-SCI Corp., 8.13%, 03/01/16		2,506,250
	30,000,000	SAVVIS, Inc., Cnv., 3.00%, 05/15/12		27,337,500
	4,500,000	SBA Communications Corp., Cnv., 1.88%, 05/01/13		4,528,125
	5,000,000	School Specialty, Inc., Cnv., 3.75%, 11/30/26		4,693,750
	650,000	Scientific Games Corp., 7.88%, 06/15/16(h)		654,062
	1,000,000	Scientific Games International, Inc., 9.25%, 06/15/19		1,052,500
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		520,002
	2,250,000	Sealed Air Corp., 7.88%, 06/15/17(h)		2,375,032
	2,200,000	Sealy Mattress Co., 8.25%, 06/15/14		2,189,000

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Sealy Mattress Co., 10.88%, 04/15/16(h)	$	2,240,000
	2,350,000	Select Medical Corp., 7.63%, 02/01/15		2,303,000
	2,750,000	Service Corp. International, 7.38%, 10/01/14		2,777,500
	750,000	Service Corp. International, 7.63%, 10/01/18		759,375
	3,350,000	ServiceMaster Co. (The), 10.75%, 07/15/15(h)(j)		3,517,500
	960,000	Sirius XM Radio, Inc., Cnv., 3.25%, 10/15/11		889,200
	2,000,000	Snap-On, Inc., 6.13%, 09/01/21		2,135,934
	750,000	Solo Cup Co., 10.50%, 11/01/13		787,500
	4,450,000	Solo Cup Co., 8.50%, 02/15/14		4,294,250
	2,500,000	Solutia, Inc., 8.75%, 11/01/17		2,643,750
	250,000	Sonic Automotive, Inc., 8.63%, 08/15/13		252,500
	1,000,000	Speedway Motorsports, Inc., 6.75%, 06/01/13		985,000
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16(h)		2,921,875
	5,500,000	Sprint Nextel Corp., 6.00%, 12/01/16		4,785,000
	3,650,000	Sprint Nextel Corp., 8.38%, 08/15/17		3,558,750
	1,775,000	Stater Brothers Holdings, 8.13%, 06/15/12		1,792,750
	825,000	Stater Brothers Holdings, 7.75%, 04/15/15		841,500
	1,400,000	Steel Dynamics, Inc., 7.38%, 11/01/12		1,431,500
	3,100,000	Steel Dynamics, Inc., 6.75%, 04/01/15		3,065,125
	15,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14		12,656,250
	8,000,000	Stillwater Mining Co., Cnv., 1.88%, 03/15/28		6,780,000
	500,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.88%, 12/15/13		502,500
	8,500,000	SunGard Data Systems, Inc., 9.13%, 08/15/13		8,648,750
	1,250,000	SunGard Data Systems, Inc., 10.63%, 05/15/15		1,359,375
	2,000,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		2,075,000
	2,500,000	SuperValu, Inc., 8.00%, 05/01/16		2,500,000

96

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,400,000	Susser Holdings LLC/Susser Finance Corp., 10.63%, 12/15/13	$	1,457,750
	9,652,000	Tech Data Corp., Cnv., 2.75%, 12/15/26		9,869,170
	2,000,000	Telesat Canada/Telesat LLC, 11.00%, 11/01/15(h)		2,235,000
	2,000,000	Tenneco, Inc., 8.63%, 11/15/14		1,970,000
	300,000	Tenneco, Inc., 8.13%, 11/15/15		297,000
	500,000	Terex Corp., 7.38%, 01/15/14		501,250
	1,000,000	Terex Corp., 10.88%, 06/01/16		1,102,500
	2,850,000	Terex Corp., 8.00%, 11/15/17		2,721,750
	1,500,000	Tesoro Corp., 9.75%, 06/01/19		1,618,125
	904,000	Texas Industries, Inc., 7.25%, 07/15/13		899,480
	176,000	Texas Industries, Inc., 7.25%, 07/15/13		175,120
	6,600,000	THQ, Inc., Cnv., 5.00%, 08/15/14(h)		6,096,750
	2,750,000	Time Warner Telecom Holdings, Inc., 9.25%, 02/15/14		2,829,062
	7,550,000	Time Warner Telecom, Inc., Cnv., 2.38%, 04/01/26		7,814,250
	900,000	Toys R US Property Co. I LLC, 10.75%, 07/15/17(h)		996,750
	1,000,000	Toys R US Property Co. II LLC, 8.50%, 12/01/17(h)		1,030,000
	1,500,000	Toys R US, Inc., 7.88%, 04/15/13		1,526,250
	3,850,000	Toys R US, Inc., 7.38%, 10/15/18		3,570,875
	1,500,000	TransDigm, Inc., 7.75%, 07/15/14		1,511,250
	13,000,000	Trico Marine Services, Inc., Cnv., 8.13%, 02/01/13		10,936,250
	14,250,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		10,527,188
	4,000,000	TRW Automotive, Inc., 7.25%, 03/15/17(h)		3,870,000
	16,000,000	UAL Corp., Cnv., 4.50%, 06/30/21		14,700,800
	5,000,000	United Rentals North America, Inc., 7.75%, 11/15/13		4,868,750

Principal Amount			Value
UNITED STATES (continued)
$	750,000	United Rentals North America, Inc., 10.88%, 06/15/16	$	818,438
	1,000,000	United Rentals North America, Inc., 9.25%, 12/15/19		1,032,500
	1,000,000	United Rentals North America, Inc., Cnv., 1.88%, 10/15/23		972,500
	2,500,000	Universal City Development Partners Ltd., 8.88%, 11/15/15(h)		2,518,750
	1,775,000	Universal City Development Partners Ltd., 10.88%, 11/15/16(h)		1,837,125
	1,500,000	USG Corp., 9.50%, 01/15/18		1,530,000
	1,450,000	Valassis Communications, Inc., 8.25%, 03/01/15		1,442,750
	1,750,000	Valeant Pharmaceuticals International, 8.38%, 06/15/16(h)		1,815,625
	5,300,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18(h)		5,174,125
	28,000,000	VeriFone Holdings, Inc., Cnv., 1.38%, 06/15/12		24,955,000
	1,450,000	Visant Corp., 7.63%, 10/01/12		1,457,250
	1,800,000	Visant Holding Corp., 8.75%, 12/01/13		1,845,000
	800,000	Waste Services, Inc., 9.50%, 04/15/14		828,000
	4,050,000	West Corp., 9.50%, 10/15/14		4,070,250
	1,450,000	West Corp., 11.00%, 10/15/16		1,544,250
	1,000,000	Weyerhaeuser Co., 7.38%, 10/01/19		1,069,074
	1,500,000	Williams Partners LP/Williams Partners Finance Corp., 7.25%, 02/01/17		1,681,275
	2,150,000	Windstream Corp., 8.63%, 08/01/16		2,206,438
	2,500,000	Windstream Corp., 7.88%, 11/01/17(h)		2,468,750
	2,600,000	Windstream Corp., 7.00%, 03/15/19		2,434,250
	6,000,000	World Acceptance Corp., Cnv., 3.00%, 10/01/11		5,685,000
	4,000,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		3,873,000

97

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	3,100,000		Yankee Acquisition Corp., 8.50%, 02/15/15	$	3,100,000
					1,539,945,316
VENEZUELA — 0.1%
	2,040,000		Corp. Andina de Fomento, 8.13%, 06/04/19		2,423,583
	1,840,000		Petroleos de Venezuela SA, 14.11%, 07/10/11(g)		1,527,200
					3,950,783
Total Corporate Bonds (Cost $1,763,213,547)					1,899,791,458
GOVERNMENT BONDS — 8.5%
ARGENTINA — 0.2%
	16,258,000		Republic of Argentina, 0.35%, 08/03/12(d)		5,202,560
AUSTRALIA — 0.4%
	2,000,000	(e)	Australian Government Index Linked, 4.00%, 08/20/10		2,800,590
	710,000	(e)	New South Wales Treasury Corp., 6.00%, 05/01/12		642,589
	3,340,000	(e)	New South Wales Treasury Corp., 5.50%, 03/01/17		2,913,099
	3,030,000	(e)	Queensland Treasury Corp., 6.00%, 06/14/11		2,733,483
	685,000	(e)	Queensland Treasury Corp., 6.00%, 08/14/13		621,691
	1,370,000	(e)	Queensland Treasury Corp., 6.00%, 09/14/17		1,227,274
	3,190,000	(e)	Queensland Treasury Corp., 7.13%, 09/18/17(h)		2,363,392
					13,302,118
BRAZIL — 0.7%
	9,490,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		9,295,065
	2,400,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,295,152
	15,670,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/12		8,137,244
	3,900,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,801,175
					21,528,636

Principal Amount				Value
CANADA — 0.0%
	1,526,000	(i)	Province of Ontario, 6.25%, 06/16/15	$	1,092,016
FRANCE — 0.3%
	4,360,000	(e)	France Government Bond OAT, 4.25%, 10/25/17		6,512,440
	2,700,000	(e)	France Government Bond OAT, 5.50%, 04/25/29		4,458,197
					10,970,637
HUNGARY — 0.2%
	1,575,000	(e)	Hungary Government International Bond, 3.88%, 02/24/20		1,943,528
	520,000	(e)	Republic of Hungary, 4.38%, 07/04/17		698,630
	1,705,000	(e)	Republic of Hungary, 5.75%, 06/11/18		2,431,429
$	940,000		Republic of Hungary, 6.25%, 01/29/20		942,829
					6,016,416
INDONESIA — 1.0%
	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(h)		6,236,188
	1,631,000		Indonesia Government International Bond, 8.50%, 10/12/35(h)		1,928,658
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(h)		252,850
	700,000		Indonesia Government International Bond, 7.75%, 01/17/38(h)		772,625
	660,000		Indonesia Government International Bond, 7.75%, 01/17/38(h)		728,475
	23,560,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,579,523
	3,590,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/18		373,808
	19,800,000,000	(e)	Indonesia Treasury Bond, 12.80%, 06/15/21		2,520,604
	1,160,000,000	(e)	Indonesia Treasury Bond, 12.90%, 06/15/22		149,170
	1,590,000,000	(e)	Indonesia Treasury Bond, 10.25%, 07/15/22		172,952
	37,380,000,000	(e)	Indonesia Treasury Bond, 9.50%, 07/15/23		14,138,283
	25,525,000,000	(e)	Indonesia Treasury Bond, 10.00%, 02/15/28		2,655,621
					32,508,757

98

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
ISRAEL — 0.2%
	14,130,000	(e)	Israel Government Bond - Shahar, 7.00%, 04/29/11	$	4,211,925
	3,950,000	(e)	Israel Treasury Bill - Makam, 1.59%, 10/06/10(g)		1,045,959
					5,257,884
LITHUANIA — 0.1%
$	3,580,000		Republic of Lithuania,
			6.75%, 01/15/15(h)		3,734,062
MALAYSIA — 0.4%
	35,500,000	(e)	Malaysia Government Bond, 3.87%, 04/13/10		10,447,990
	13,820,000	(e)	Malaysia Government Bond, 3.81%, 02/15/17		3,998,712
					14,446,702
MEXICO — 0.8%
	24,000,000	(e)	Mexican Bonos, 8.00%, 12/19/13		1,912,110
	20,000,000	(e)	Mexican Bonos, 8.00%, 12/17/15		1,576,147
	36,000,000	(e)	Mexican Bonos, 7.25%, 12/15/16		2,704,954
	23,900,000	(e)	Mexican Bonos, 7.75%, 12/14/17		1,829,044
	137,500,000	(e)	Mexican Bonos, 10.00%, 12/05/24		12,139,526
	53,000,000	(e)	Mexican Bonos, 10.00%, 11/20/36		4,639,121
					24,800,902
NETHERLANDS — 0.2%
	4,485,000	(e)	Netherlands Goverment Bond, 4.50%, 07/15/17		6,800,816
NEW ZEALAND — 0.2%
	7,000,000	(e)	New Zealand Government Bond, 6.00%, 12/15/17		5,022,712
NORWAY — 0.0%
	7,600,000	(e)	Norway Government Bond, 6.00%, 05/16/11		1,341,928
POLAND — 0.8%
	4,520,000	(e)	Poland Government Bond, 4.75%, 04/25/12		1,547,985
	6,975,000	(e)	Poland Government Bond, 5.75%, 04/25/14		2,428,709
	26,560,000	(e)	Poland Government Bond, 6.25%, 10/24/15		9,376,258
	24,800,000	(e)	Poland Government Bond, 5.75%, 09/23/22		8,188,241

Principal Amount				Value
POLAND (continued)
$	5,400,000		Poland Government International Bond, 6.38%, 07/15/19	$	5,842,417
					27,383,610
QATAR — 0.1%
	2,100,000		Qatar Government International Bond, 6.55%, 04/09/19(h)		2,304,750
RUSSIA — 0.4%
	10,777,100		Russia Government International Bond, STEP, 7.50%, 03/31/30		12,125,315
SOUTH AFRICA — 0.1%
	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22		1,810,796
SOUTH KOREA — 1.8%
	400,000		Export-Import Bank of Korea, 8.13%, 01/21/14		463,809
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14		110,025
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		109,143
	105,000	(k)	Export-Import Bank of Korea, 4.63%, 02/20/17		144,814
	1,800,000,000	(e)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,576,146
	1,385,000		Korea Development Bank, 8.00%, 01/23/14		1,594,931
	4,711,390,000	(e)	Korea Treasury Bond, 5.50%, 06/10/11		4,157,050
	34,923,170,000	(e)	Korea Treasury Bond, 4.75%, 12/10/11		30,456,010
	10,341,480,000	(e)	Korea Treasury Bond, 4.00%, 06/10/12		8,863,283
	4,250,000,000	(e)	Korea Treasury Bond, 5.25%, 09/10/12		3,747,803
	460,440,000	(e)	Korea Treasury Bond, 5.25%, 03/10/13		406,543
	4,790,000		Republic of Korea, 7.13%, 04/16/19		5,548,712
	250,000		Republic of Korea, 5.63%, 11/03/25		250,390
					57,428,659
SRI LANKA — 0.2%
	13,950,000	(e)	Sri Lanka Government Bonds, Series A, 12.00%, 07/15/11		125,406
	264,000,000	(e)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,252,985

99

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
SRI LANKA (continued)
	385,000,000	(e)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15	$	3,283,733
					5,662,124
SWEDEN — 0.1%
	19,680,000	(e)	Sweden Government Bond, 5.25%, 03/15/11		2,808,856
UNITED ARAB EMIRATES — 0.1%
$	2,060,000		Emirate of Abu Dhabi, 6.75%, 04/08/19(h)		2,285,945
VENEZUELA — 0.1%
	1,710,000		Venezuela Government International Bond, 5.38%, 08/07/10		1,692,900
	2,080,000		Venezuela Government International Bond, 10.75%, 09/19/13		1,892,800
					3,585,700
VIETNAM — 0.1%
	1,625,000		Socialist Republic of Vietnam, 6.88%, 01/15/16(h)		1,706,250
	2,490,000		Socialist Republic of Vietnam, 6.75%, 01/29/20(h)		2,480,662
					4,186,912
Total Government Bonds (Cost $245,612,303)					271,608,813
ASSET-BACKED SECURITIES — 0.6%
UNITED STATES — 0.6%
	6,291,078		Bear Stearns Asset-Backed Securities Trust, Series 2005-AC8, Class A1, 0.56%, 11/25/35(d)		3,002,317
	6,954,636		Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.58%, 03/25/36(d)		2,921,007
	6,954,636		Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.58%, 03/25/36(d)		2,788,233
	7,250,000		CSAB Mortgage Backed Trust, Series 2006-2, Class A2, 0.40%, 09/25/36(d)		3,673,062
	6,100,000		CSAB Mortgage Backed Trust, Series 2006-3, Class A2, 0.39%, 11/25/36(d)		2,877,130
	1,852,046		GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(d)		1,380,818

Principal Amount			Value
UNITED STATES (continued)
$	5,000,000	Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37	$	2,345,204
Total Asset-Backed Securities (Cost $18,323,118)				18,987,771
NON-AGENCY MORTGAGE-BACKED SECURITIES — 8.7%
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1%
	3,856,086	Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A2, 5.40%, 01/25/36(d)		3,522,336
	3,000,000	Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 4.80%, 10/25/35(d)		2,059,959
	1,709,816	Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 5.82%, 03/25/36(d)		1,170,611
	8,830,185	American Home Mortgage Assets, Series 2005-1, Class 2A21, 3.66%, 11/25/35(d)		5,735,214
	4,313,436	American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.50%, 11/25/35(d)		2,624,664
	1,857,324	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 5.10%, 12/25/35(d)		1,079,687
	2,839,056	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.26%, 09/20/35(d)		2,110,260
	10,690,672	Banc of America Funding Corp., Series 2005-H, Class 2A1, 5.15%, 11/20/35(d)		8,038,969
	3,643,584	Banc of America Funding Corp., Series 2006-A, Class 3A2, 5.78%, 02/20/36(d)		2,141,493
	4,321,480	Banc of America Funding Corp., Series 2006-E, Class 2A1, 5.77%, 06/20/36(d)		2,972,671
	2,941,966	Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		2,378,417
	1,212,238	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A3, 4.86%, 10/25/35(d)		1,088,778
	1,003,811	Banc of America Mortgage Securities, Inc., Series 2005-J, Class 2A3, 5.08%, 11/25/35(d)		954,927

100

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,753,280	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 5.01%, 12/25/35(d)	$	3,765,814
	4,866,807	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.43%, 08/25/35(d)		3,758,520
	1,103,737	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 4.63%, 02/25/36(d)		931,698
	3,044,326	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.97%, 06/25/47(d)		2,173,695
	8,905,626	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.71%, 11/25/35(d)		5,980,637
	3,988,463	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.39%, 08/25/36(d)		1,853,887
	3,355,788	Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 5.56%, 01/25/47(d)		1,968,013
	1,299,885	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 3.37%, 05/25/35(d)		970,522
	3,367,813	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.92%, 06/25/36(d)		2,885,001
	2,452,473	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.84%, 06/25/36(d)		2,066,363
	3,120,000	Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A1, 6.00%, 12/25/36(d)		1,932,011
	1,722,077	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,500,019
	1,242,998	Countrywide Alternative Loan Trust, Series 2005-20CB, Class 3A3, 5.50%, 07/25/35		1,167,002
	6,876,169	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.54%, 08/25/35(d)		3,300,821
	2,766,858	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		1,996,852
	4,748,798	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		3,644,468
	12,698,062	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.58%, 05/25/36(d)		6,695,314

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,489,186	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.58%, 06/25/36(d)	$	3,628,120
	5,489,186	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.92%, 06/25/36(d)		1,015,530
	2,250,000	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		1,560,744
	6,151,156	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.63%, 03/25/36(d)		2,792,328
	7,688,812	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		5,640,390
	2,487,686	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		2,046,408
	4,050,000	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.41%, 11/25/36(d)		2,104,553
	2,740,622	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		2,394,417
	3,544,652	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		3,031,812
	1,656,340	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36		1,342,842
	5,677,008	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36		4,766,890
	3,236,438	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		2,610,841
	3,282,080	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36		3,048,248
	2,912,274	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 2A1, 5.53%, 03/25/37(d)		1,570,127
	2,118,001	Credit Suisse Mortgage Capital Certificates, Series 2007-1, Class 5A14, 6.00%, 02/25/37		1,404,369
	2,674,803	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 5.18%, 11/19/35(d)		2,017,243

101

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,651,793	GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 5.60%, 04/19/36(d)	$	3,039,488
	5,855,000	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.39%, 02/25/37(d)		1,638,341
	1,028,253	GSR Mortgage Loan Trust, Series 2005-AR1, Class 4A1, 5.14%, 01/25/35(d)		894,550
	5,762,802	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 5.16%, 10/25/35(d)		5,117,840
	5,878,410	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		5,700,265
	5,803,758	GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A1, 5.15%, 01/25/36(d)		4,576,845
	3,500,000	GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A4, 5.15%, 01/25/36(d)		2,272,674
	3,681,480	GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1, 0.42%, 08/25/46(d)		2,558,339
	3,542,036	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 5.98%, 04/25/37(d)		2,359,319
	3,664,581	Indymac IMJA Mortgage Loan Trust, Series 2007-A1, Class A1, 6.00%, 08/25/37		3,067,898
	6,800,000	Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 5.39%, 01/25/37(d)		3,866,909
	2,112,082	JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, 3.89%, 04/25/35(d)		1,775,035
	5,539,060	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		4,755,803
	4,576,363	Lehman Mortgage Trust, Series 2007-10, Class 2A1, 6.50%, 01/25/38		3,705,437
	4,554,007	Lehman Mortgage Trust, Series 2007-8, Class 2A2, 6.50%, 09/25/37		3,378,116
	682,887	Mastr Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 3.54%, 03/25/35(d)		572,934
	3,188,460	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 4.12%, 07/25/35(d)		2,528,735
	5,059,229	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		4,192,836

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,795,744	Morgan Stanley Mortgage Loan Trust, Series 2005-9AR, Class 1A, 0.52%, 12/25/35(d)	$	2,006,141
	7,371,870	Residential Accredit Loans, Inc., Series 2006-QO7, Class 1A1, 1.28%, 09/25/46(d)		3,106,284
	4,915,889	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		2,661,910
	3,024,262	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,798,622
	3,370,768	Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35		3,001,602
	4,497,496	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 5.30%, 11/25/35(d)		3,284,181
	2,227,596	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		1,919,190
	3,685,914	Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37		2,988,301
	1,100,000	Structured Asset Securities Corp., Series 2005-5, Class 2A4, 5.50%, 04/25/35		972,015
	2,538,591	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.72%, 04/25/37(d)		1,824,125
	5,530,000	Terwin Mortgage Trust, Series 2007-6ALT, Class A2, 0.53%, 08/25/38(d)(h)		2,514,059
	3,131,363	Wamu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 5.08%, 12/25/35(d)		2,829,676
	4,843,237	Wamu Mortgage Pass-Through Certificates, Series 2005-AR18, Class 1A1, 5.23%, 01/25/36(d)		4,323,785
	1,468,656	WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 5.92%, 09/25/36(d)		1,052,404
	682,858	WaMu Mortgage Pass-Through Certificates, Series 2006-AR18, Class 1A1, 5.27%, 01/25/37(d)		488,988
	7,615,638	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,862,104

102

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,091,703	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 7A1, 5.26%, 10/25/35(d)	$	3,669,302
	6,059,692	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 2A1, 5.59%, 07/25/36(d)		4,377,973
	3,564,355	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 4.30%, 07/25/36(d)		2,803,318
	3,681,144	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A1, 5.59%, 07/25/36(d)		2,783,677
	4,083,833	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 5.59%, 07/25/36(d)		3,232,052
	2,966,497	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12, Class 2A1, 5.98%, 09/25/36(d)		2,577,765
	2,270,066	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.62%, 12/25/36(d)		1,809,370
	5,634,115	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR5, Class 2A1, 5.54%, 04/25/36(d)		4,257,788
	3,956,446	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR7, Class 2A4, 5.60%, 05/25/36(d)		3,234,509
	3,385,472	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A1, 5.24%, 04/25/36(d)		2,777,198
	3,349,306	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37		2,683,893
	4,222,444	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37		3,456,936
	2,740,613	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37		2,400,095
	1,119,629	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A22, 6.00%, 07/25/37		980,343
				259,122,455
Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%
$	3,000,000	Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, 5.74%, 02/10/51(d)	$	2,711,639
	3,000,000	Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class A4, 5.82%, 12/10/49(d)		2,725,006
	3,000,000	GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4, 5.54%, 12/10/49		2,516,237
	3,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 03/10/39		2,688,128
	3,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, 09/12/49		2,574,887
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.74%, 06/15/49(d)		2,627,004
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 5.90%, 02/15/51(d)		2,599,773
				18,442,674
Total Non-Agency Mortgage-Backed Securities (Cost $271,698,926)				277,565,129
U.S. GOVERNMENT AGENCIES — 2.4%
Federal Farm Credit Bank — 0.2%
	3,000,000	4.75%, 03/15/10		3,012,941
	1,535,000	4.75%, 05/07/10		1,553,857
				4,566,798
Federal Home Loan Bank — 2.2%
	22,000,000	0.03%, 02/01/10(l)		22,000,000
	500,000	0.03%, 02/17/10(l)		499,993
	310,000	0.03%, 02/17/10(l)		309,996
	1,500,000	0.03%, 02/19/10(l)		1,499,978
	2,100,000	2.75%, 03/12/10		2,104,097
	27,000,000	4.25%, 06/11/10		27,400,437
	3,050,000	2.75%, 06/18/10		3,080,271
	8,105,000	4.50%, 09/10/10		8,305,810

103

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Federal Home Loan Bank (continued)
$	6,000,000	0.92%, 09/24/10(d)	$	6,030,666
				71,231,248
Total U.S. Government Agencies (Cost $75,633,091)				75,798,046
U.S. GOVERNMENT SECURITIES — 1.4%
U.S. Treasury Bills — 1.4%
	46,340,000	0.02%, 03/25/10(l)		46,338,662
Total U.S. Government Securities (Cost $46,338,662)				46,338,662
MUNICIPAL BONDS — 0.4%
California — 0.1%
	1,130,000	City of Tulare Build America Revenue Bonds, OID, (AGM) 8.75%, 11/15/44		1,111,671
	2,020,000	State of California Various Purpose GO, OID, 6.00%, 04/01/38		2,046,785
				3,158,456
Colorado — 0.0%
	800,000	Regional Transportation District COP, Transit Vehicles Project, Series A, (AMBAC) 5.00%, 12/01/21		823,968
Florida — 0.2%
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/20		1,082,390
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/21		1,057,610
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/22		1,051,090
	1,340,000	Jacksonville Electric Authority Water & Sewer System Revenue Bonds, Series B, OID, (NATL-RE) 4.75%, 10/01/40		1,295,807
				4,486,897
Illinois — 0.1%
	875,000	Chicago Water Refunding Second Lien Revenue Bonds, (AGM) 5.00%, 11/01/19		951,773
Principal Amount			Value
Illinois (continued)
$	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (AGM) 5.00%, 01/01/20	$	1,034,590
				1,986,363
New York — 0.0%
	370,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series C, 4.75%, 06/15/33		372,405
Tennessee — 0.0%
	400,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Refunding Revenue Bonds, Series B, (GO of University) 5.00%, 10/01/18		459,288
Total Municipal Bonds (Cost $10,934,506)				11,287,377
Shares
CASH SWEEP — 3.2%
UNITED STATES — 3.2%
	104,260,918	Citibank - US Dollars on Deposit in Custody Account		104,260,918
Total Cash Sweep (Cost $104,260,918)				104,260,918
TOTAL INVESTMENTS — 99.5% (Cost $2,990,072,363)(a)				3,191,182,079
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				17,562,591
NET ASSETS — 100.0%			$	3,208,744,670
FUTURES CONTRACTS: LONG POSITION
Contracts			Unrealized Depreciation
	2,500	S&P 500 E-mini Futures, March 2010	$	(4,682,022	)
	1,335	Russell 2000 Mini Index Futures, March 2010		(4,372,360	)
			$	(9,054,382	)

104

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

At January 31, 2010, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $6,000,000 or 0.19% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/10 Carrying Value Per Unit
$	20,000,000	Asian Coast Development Ltd.(c)	07/28/08	$	12.00

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.5 and receiving variance of the S&P 500 Index under the target volatility of 36.5, expiring 12/21/12 (Underlying notional amount at value $300,000)		300,000	$	2,243,836
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 40.5 and receiving variance of the S&P 500 Index under the target volatility of 40.5, expiring 12/21/12 (Underlying notional amount at value $100,000)		100,000		1,070,370
Equity swap with BNP Paribas receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 13.9 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 13.9 Euro, expiring 12/18/15(Underlying notional amount at value Euro 1,000,000)		1,000,000		(2,590,206	)
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.06% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/22/19 (Underlying notional amount at value MXN 23,640,000)		23,640,000		4,735
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.32% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/09/29 (Underlying notional amount at value MXN 35,460,000)		35,460,000		(82,482	)
			$	646,253

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	252,914,013
Unrealized depreciation		(51,804,297	)
Net unrealized appreciation	$	201,109,716

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $6,000,000, which is 0.19% of net assets.
(d)	Variable rate security. Rate shown is the rate as of January 31, 2010.
(e)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(f)	Principal amount denoted in Singapore Dollars.
(g)	Zero coupon bond. The rate represents the yield at time of purchase.
(h)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value is $230,408,332, which is 7.18% of net assets.
(i)	Principal amount denoted in New Zealand Dollars.
(j)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(k)	Principal amount denoted in Euros.
(l)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

Cnv. — Convertible

COP — Certificates of Participation

FOR — Foreign Ownership Restrictions

GO — General Obligations

MXN — Mexican Peso

NATL-RE — Insured by National Public Finance Guarantee Corp.

NVDR — Non-Voting Depositary Receipt

OID — Original Issue Discount

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

105

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	0.6	%
Banks	0.8	%
Collateralized Mortgage Obligations	8.1	%
Commercial Mortgage-Backed Securities	0.6	%
Consumer Discretionary	13.3	%
Consumer Staples	3.8	%
Diversified Financials	4.0	%
Energy	7.9	%
Government Bonds	8.5	%
Health Care	8.5	%
Industrials	8.6	%
Information Technology	12.2	%
Insurance	0.2	%
Materials	3.3	%
Municipal Bonds	0.4	%
Real Estate	0.4	%
Telecommunication Services	7.2	%
U.S. Government and Agency Securities	3.8	%
Utilities	2.1	%
Other*	5.7	%

* Includes cash and equivalents, exchange traded funds, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

106

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 45.3%
BRAZIL — 3.1%
Materials — 3.1%
	2,000,000	Vale SA - ADR	$	51,580,000
CHINA — 2.5%
Industrials — 0.8%
	1,000,000	Suntech Power Holdings Co. Ltd. - ADR(b)		13,510,000
Utilities — 1.7%
	11,677,500	Xinao Gas Holdings Ltd.		27,765,074
				41,275,074
GREECE — 1.7%
Energy — 1.7%
	2,194,200	StealthGas, Inc.		10,992,942
	1,099,808	Tsakos Energy Navigation Ltd.		17,739,903
				28,732,845
NORWAY — 3.8%
Energy — 3.8%
	4,600,000	Aker Solutions ASA		62,130,677
PERU — 5.0%
Materials — 5.0%
	2,604,887	Cia de Minas Buenaventura SA - ADR		82,001,843
SINGAPORE — 3.8%
Industrials — 3.8%
	10,400,000	Keppel Corp. Ltd.		61,900,800
UNITED KINGDOM — 3.4%
Materials — 3.4%
	1,500,000	Anglo American Plc(b)		55,675,442
UNITED STATES — 22.0%
Energy — 10.5%
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)		0
	2,682,300	Goodrich Petroleum Corp.(b)		55,872,309
	482,000	Occidental Petroleum Corp.		37,759,880
	3,600,000	PetroHawk Energy Corp.(b)		80,388,000
				174,020,189
Industrials — 4.3%
	1,679,381	Arkansas Best Corp.		37,853,248
	2,500,000	Diana Shipping, Inc.(b)		33,150,000
				71,003,248
Materials — 7.2%
	966,000	Monsanto Co.		73,300,080
	3,000,000	Steel Dynamics, Inc.		45,540,000
				118,840,080
				363,863,517
Total Common Stocks (Cost $811,011,352)				747,160,198
Shares			Value
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	541,004	Vertex Energy, Inc., Series A, Cnv.(b)(c)	$	0
Total Preferred Stocks (Cost $4,500,000)				0
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(b)		1
	45,000	Vertex Energy, Inc., Warrants, Expires 05/30/10(b)		0
Total Rights/Warrants (Cost $1)				1
Number of Coins
COLLECTIBLE COINS — 3.1%
UNITED STATES — 3.1%
	724	Various Collectible Coins and Sets of Coins		51,451,945
Total Collectible Coins (Cost $53,512,666)				51,451,945
Fine Troy Ounces
COMMODITIES — 7.6%
UNITED STATES — 7.6%
	60,175	Gold Bullion		65,039,644
	44,510	Palladium		18,588,538
	28,054	Platinum		42,214,224
Total Commodities (Cost $107,976,997)				125,842,406
Contracts
CALL OPTIONS PURCHASED — 20.0%
Commodities — 0.4%
	500	NYB-ICE Sugar No. 11 Index, Strike $28.00, Expiring 04/15/10		1,646,400
	1,500	NYB-ICE Sugar No. 11 Index, Strike $30.00, Expiring 04/15/10		3,679,200
	3,000	NYB-ICE Sugar No. 11 Index, Strike $35.00, Expiring 02/16/10		840,000
				6,165,600
Diversified Financials — 19.6%
	10,000	S&P 500 Index, Strike $750.00, Expiring 03/30/10		323,870,000
Total Call Options Purchased (Cost $360,946,181)				330,035,600

107

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
ASSET-BACKED SECURITIES — 2.7%
UNITED STATES — 2.7%
$	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 1.73%, 03/15/28(e)	$	9,190,125
	13,950,000	SLM Student Loan Trust, Series 2002-7, Class A11, 1.73%, 03/15/28(e)		13,566,375
	2,400,000	SLM Student Loan Trust, Series 2002-7, Class A6, 1.73%, 03/15/28(e)		2,334,000
	7,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 1.73%, 03/15/28(e)		7,731,375
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 1.73%, 03/15/28(e)		11,329,625
	1,400,000	SLM Student Loan Trust, Series 2002-7, Class A9, 1.73%, 03/15/28(e)		1,361,500
Total Asset-Backed Securities (Cost $44,448,759)				45,513,000
MUNICIPAL BONDS — 0.4%
Texas — 0.4%
	6,000,000	State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.25%, 06/01/26(e)		6,000,000
Total Municipal Bonds (Cost $6,000,000)				6,000,000
U.S. GOVERNMENT AGENCIES — 5.3%
Federal Home Loan Bank — 5.3%
	16,000,000	0.03%, 02/01/10(f)		16,000,000
	32,500,000	0.05%, 02/01/10(f)		32,500,000
	3,700,000	0.03%, 02/17/10(f)		3,699,950
	4,750,000	0.03%, 02/17/10(f)		4,749,937
	15,000,000	0.03%, 02/19/10(f)		14,999,775
	15,000,000	0.05%, 03/19/10(f)		14,999,042
Total U.S. Government Agencies (Cost $86,948,704)				86,948,704

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 34.0%
U.S. Treasury Bills — 11.6%
$	190,900,000	0.02%, 03/25/10(f)	$	190,894,485
U.S. Treasury Notes — 22.4%
	100,000,000	1.63%, 01/15/18(g)		107,430,774
	192,500,000	2.13%, 01/15/19(g)		209,170,842
	50,500,000	1.88%, 07/15/19(g)		54,046,045
				370,647,661
Total U.S. Government Securities (Cost $551,865,328)				561,542,146
Shares
CASH SWEEP — 0.3%
	4,766,768	Citibank - US Dollars on Deposit in Custody Account		4,766,768
Total Cash Sweep (Cost $4,766,768)				4,766,768
TOTAL INVESTMENTS — 118.7% (Cost $2,031,976,756)(a)				1,959,260,768
LIABILITIES IN EXCESS OF OTHER ASSETS — (18.7)%				(309,169,502	)
NET ASSETS — 100.0%			$	1,650,091,266
Contracts
CALL OPTIONS WRITTEN — (18.9)%
Diversified Financials — (18.9)%
	10,000	S&P 500 Index, Strike $762.50, Expiring 03/30/10		(311,440,900	)
Total Call Options Written (Premiums received $(344,984,960))			$	(311,440,900	)

FUTURES CONTRACTS: SHORT POSITIONS

Contracts		Unrealized Appreciation/ (Depreciation)
600	New York Mercantile Exchange Gulf #6 Fuel, March 2010	$	(3,337,500	)
200	London Metal Exchange Copper, July 2010		(10,142,500	)
150	London Metal Exchange Nickel, July 2010		(2,241,000	)
300	London Metal Exchange Zinc, July 2010		990,000
	Net unrealized depreciation	$	(14,731,000	)

108

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

FUTURES CONTRACTS: LONG POSITIONS

Contracts		Unrealized Appreciation/ (Depreciation)
350	London Metal Exchange Copper, March 2010	$	(1,109,375	)
600	New York Mercantile Exchange Heating Oil, March 2010		(774,900	)
395	New York Mercantile Exchange Platinum, April 2010		(675,000	)
541	NYB-ICE Sugar #11, March 2010		3,661,269
1,254	NYB-ICE Sugar #11, May 2010		8,048,398
200	London Metal Exchange Copper, July 2010		6,780,000
150	London Metal Exchange Nickel, July 2010		5,065,950
300	London Metal Exchange Zinc, July 2010		3,894,375
357	NYB-ICE Sugar #11, July 2010		1,176,885
	Net unrealized appreciation	$	26,067,602

At January 31, 2010, the Real Return Fund held investments in restricted and illiquid securities amounting to $51,451,946 or 3.1% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/10 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.	03/15/07	$	—
	0	Rancher Energy Corp., Warrants	03/20/07		—
	4,500,000	Vertex Energy Inc., Series A	05/16/06		—
				01/31/10 Average Value Per Unit
	53,512,666	Collectible Coins	12/14/06		71,066.22

(a) Represents cost for financial reporting purposes and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	215,188,849
Unrealized depreciation		(287,904,837	)
Net unrealized depreciation	$	(72,715,988	)

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The cost of fair valued securities is $24,027,013 and the aggregate value is zero.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The cost of the security is $19,527,013 and the aggregate value is zero.
(e)	Variable rate security. Rate shown is the rate as of January 31, 2010.
(f)	The rate represents the annualized yield at time of purchase.
(g)	Inflation protected security. Principal amount reflects original security face amount.

ADR — American Depositary Receipt

Cnv. — Convertible

ICE — ICE Futures US, Inc.

NYB — New York Board of Trade

SPA — Standby Purchase Agreement

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 02/28/10 (Underlying notional amount at value $1,970,700)		86	$	121,657
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 03/31/10 (Underlying notional amount at value $2,112,900)		92		125,410
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 04/30/10 (Underlying notional amount at value $4,378,500)		180		(301,312	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 05/31/10 (Underlying notional amount at value $4,425,900)		182		(303,316	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 06/30/10 (Underlying notional amount at value $4,378,500)		180		(301,089	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 07/31/10 (Underlying notional amount at value $2,112,900)		92		(340,505	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 08/31/10 (Underlying notional amount at value $2,112,900)		92		(340,356	)

109

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 09/30/10 (Underlying notional amount at value $2,065,500)		90	$	(331,343	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 10/31/10 (Underlying notional amount at value $2,112,900)		92		(403,301	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 11/30/10 (Underlying notional amount at value $2,065,500)		90		(392,869	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 12/31/10 (Underlying notional amount at value $2,112,900)		92		(402,867	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Palm Oil Futures, expiring 02/12/10 (Underlying notional amount at value Malaysian Ringgit 107,434,250, or $31,600,506)		42,500		(1,032,384	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Palm Oil Futures, expiring 03/15/10 (Underlying notional amount at value Malaysian Ringgit 91,640,376, or $27,316,883)		35,000		(1,777,669	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 04/28/10 (Underlying notional amount at value $30,009,977)		1,200		8,423,316
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 06/28/10 (Underlying notional amount at value $11,826,696)		500		2,008,227
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 02/28/10 (Underlying notional amount at value $621,500)		10,000		304,943
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 03/31/10 (Underlying notional amount at value $621,500)		10,000		294,382
	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 04/30/10 (Underlying notional amount at value $621,500)		10,000	$	273,829
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 05/31/10 (Underlying notional amount at value $621,500)		10,000		274,243
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 06/30/10 (Underlying notional amount at value $621,500)		10,000		275,124
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 07/31/10 (Underlying notional amount at value $621,500)		10,000		276,964
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 08/31/10 (Underlying notional amount at value $621,500)		10,000		277,841
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 09/30/10 (Underlying notional amount at value $621,500)		10,000		277,216
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 10/31/10 (Underlying notional amount at value $621,500)		10,000		277,576
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 11/30/10 (Underlying notional amount at value $621,500)		10,000		276,935
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 12/31/10 (Underlying notional amount at value $621,500)		10,000		280,761
			$	7,841,413

110

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

	Units			Unrealized Appreciation
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 02/28/10 (Underlying notional amount at value $1,872,500)		(10,000	)	$	1,008,310
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 03/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,023,591
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 04/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,036,355
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 05/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,037,528
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 06/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,037,083
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 07/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,044,480
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 08/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,040,531
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 09/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,033,577
	Units			Unrealized Appreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 10/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)	$	1,023,591
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 11/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,018,084
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 12/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,013,529
				$	11,316,659

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	2.7	%
Collectible Coins	3.1	%
Commodities	7.6	%
Energy	16.0	%
Industrials	8.9	%
Materials	18.7	%
Municipal Bonds	0.4	%
U.S. Government and Agency Securities	39.3	%
Utilities	1.7	%
Other*	1.6	%

* Includes cash and equivalents, options, futures, swap agreements, pending trades and Fund share transactions. interest and dividends receivable and accrued expenses payable.

111

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 31.5%
Banks — 4.8%
$	500,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14	$	530,882
	1,000,000	Bank of Scotland Plc, 5.00%, 11/21/11(b)		1,037,217
	5,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		4,975,745
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		6,169,242
	515,000	JPMorgan Chase & Co., 3.70%, 01/20/15		520,359
	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)		3,027,315
				16,260,760
Consumer Discretionary — 1.1%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,063,640
	200,000	Dartmouth College, 4.75%, 06/01/19		205,296
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,076,340
	1,343,000	Wm Wrigley Jr. Co., 4.30%, 07/15/10		1,355,908
				3,701,184
Consumer Staples — 3.4%
	5,000,000	Anheuser-Busch Inbev Worldwide, Inc., 5.38%, 11/15/14(b)		5,407,050
	1,000,000	Procter & Gamble Co. (The), 4.60%, 01/15/14		1,078,469
	1,665,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		1,731,545
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,568,248
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,035,011
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		596,980
				11,417,303
Diversified Financials — 8.4%
	2,885,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		3,277,784
	2,672,000	Eksportfinans A/S, 5.00%, 02/14/12		2,865,012
	1,455,000	Eksportfinans A/S, 3.00%, 11/17/14		1,466,097
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		510,216

Principal Amount			Value
Diversified Financials (continued)
$	3,000,000	FIH Erhvervsbank AS, 2.45%, 08/17/12(b)	$	3,054,240
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		1,975,444
	30,000	General Electric Capital Corp., 1.63%, 01/07/11		30,342
	1,000,000	General Electric Capital Corp., 2.25%, 03/12/12		1,023,886
	1,250,000	General Electric Capital Corp., 2.80%, 01/08/13		1,250,645
	4,220,000	General Electric Capital Corp., MTN, 5.25%, 10/19/12		4,507,268
	950,000	General Electric Capital Corp., Series A, 3.75%, 11/14/14		948,318
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,037,378
	1,000,000	Morgan Stanley, 4.20%, 11/20/14		1,013,349
	3,150,000	Sallie Mae, Inc., 7.30%, 08/01/12		3,627,549
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,011,570
				28,599,098
Energy — 2.0%
	500,000	Marathon Oil Corp., 6.50%, 02/15/14		562,769
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,768,352
	4,170,000	Shell International Finance BV, 4.00%, 03/21/14		4,407,690
				6,738,811
Health Care — 6.6%
	4,620,000	Amgen, Inc., Cnv, 0.13%, 02/01/11		4,568,025
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		638,818
	500,000	McKesson Corp., 6.50%, 02/15/14		562,366
	1,380,000	Novartis Capital Corp., 4.13%, 02/10/14		1,462,637
	2,420,000	Pfizer, Inc., 5.35%, 03/15/15		2,683,804
	7,000,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		7,572,558
	500,000	Thermo Fisher Scientific, Inc., 3.25%, 11/18/14(b)		497,612
	2,000,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12(b)		2,004,524

112

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Health Care (continued)
$	2,000,000	Wyeth, 5.50%, 02/01/14	$	2,216,298
				22,206,642
Industrials — 0.0%
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		84,612
Information Technology — 0.3%
	930,000	International Business Machines Corp., 2.10%, 05/06/13		936,922
Insurance — 2.3%
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,528,065
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		6,153,092
				7,681,157
Materials — 0.9%
	630,000	Airgas, Inc., 4.50%, 09/15/14		656,350
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,355,368
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,252,051
				3,263,769
Utilities — 1.7%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,678,602
	4,135,000	Transocean, Inc., Series B, Cnv., 1.50%, 12/15/37		3,964,431
				5,643,033
Total Corporate Bonds (Cost $101,454,006)				106,533,291
MUNICIPAL BONDS — 2.2%
Connecticut — 0.3%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,045,740
Maine — 0.3%
	350,000	State of Maine General Purpose GO, 3.94%, 05/15/11		362,327
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		490,649
				852,976

	Principal Amount		Value
New York — 1.0%
$	1,000,000	New York City Industrial Development Agency Polytechnic University Project, Civic Facility Revenue Bonds, OID, 6.13%, 11/01/30	$	1,054,270
	1,790,000	New York State Dormitory Authority Economic Development & Housing Refunding Revenue Bonds, 4.81%, 12/15/11		1,909,930
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		544,670
				3,508,870
Ohio — 0.3%
	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (NATL-RE) 5.25%, 05/01/11		1,053,440
Texas — 0.3%
	1,000,000	Houston Area Water Corp. Northeast Water Purification Project Revenue Bonds, OID, (FGIC) 5.25%, 03/03/23		1,093,470
Total Municipal Bonds (Cost $7,254,211)				7,554,496
U.S. GOVERNMENT AGENCIES — 44.3%
Fannie Mae — 1.4%
	550,000	5.00%, 08/02/12		599,740
	3,750,000	5.00%, 03/02/15		4,152,911
	9,465	7.50%, 08/01/25		10,706
				4,763,357
Federal Farm Credit Bank — 3.7%
	100,000	5.15%, 12/06/10		104,000
	1,500,000	2.00%, 01/17/12		1,526,760
	3,550,000	2.13%, 06/18/12		3,617,120
	400,000	4.50%, 10/17/12		432,096
	1,000,000	1.88%, 12/07/12		1,009,199
	500,000	1.75%, 02/21/13		501,550
	5,135,000	2.63%, 04/17/14		5,201,889
	105,000	3.00%, 09/22/14		107,067
				12,499,681
Federal Home Loan Bank — 27.2%
	50,000	4.00%, 02/12/10		49,985

113

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Federal Home Loan Bank (continued)
$	30,000	7.38%, 02/12/10	$	30,018
	25,000	3.38%, 05/14/10		25,231
	10,000	5.25%, 06/11/10		10,184
	215,000	4.50%, 09/10/10		220,327
	240,000	5.13%, 09/10/10		247,291
	115,000	5.13%, 09/29/10		118,506
	1,884,195	4.75%, 10/25/10		1,938,365
	60,000	4.25%, 11/02/10		61,581
	50,000	4.25%, 11/15/10		51,490
	630,000	6.63%, 11/15/10		660,644
	730,000	4.75%, 12/10/10		756,876
	1,240,000	4.88%, 12/10/10		1,286,760
	1,360,000	4.00%, 02/15/11		1,409,571
	2,135,000	5.88%, 02/15/11		2,252,182
	500,000	2.88%, 03/11/11		512,750
	6,035,000	4.88%, 03/11/11		6,325,833
	100,000	4.25%, 06/10/11		104,576
	5,905,000	5.25%, 06/10/11		6,254,783
	235,000	5.38%, 06/10/11		249,911
	320,000	4.38%, 08/15/11		337,534
	75,000	5.75%, 08/15/11		80,528
	300,000	3.75%, 09/09/11		313,950
	300,000	5.00%, 09/09/11		318,229
	1,355,000	5.00%, 10/13/11		1,448,836
	50,000	4.25%, 11/15/11		52,927
	695,000	4.88%, 11/15/11		743,239
	15,000	5.63%, 11/15/11		16,240
	6,350,000	4.75%, 12/09/11		6,775,374
	2,700,000	5.00%, 03/09/12		2,916,616
	5,030,000	3.63%, 06/08/12		5,306,398
	1,075,000	4.38%, 06/08/12		1,141,354
	455,000	4.88%, 06/08/12		491,712
	1,400,000	5.38%, 06/08/12		1,518,569
	335,000	4.63%, 08/15/12		362,021
	990,000	4.50%, 09/14/12		1,066,252
	585,000	5.00%, 09/14/12		637,071
	1,521,707	5.27%, 12/28/12		1,607,405
	50,000	3.50%, 03/08/13		52,753
	3,900,000	3.88%, 03/08/13		4,158,777
	915,000	5.00%, 03/08/13		1,006,709
	2,000,000	3.75%, 06/14/13		2,119,258
	500,000	4.25%, 06/14/13		538,952
	500,000	4.38%, 09/13/13		540,714
	2,690,000	5.25%, 09/13/13		2,988,727
	185,000	5.50%, 12/11/13		207,450
	10,495,000	3.13%, 12/13/13		10,830,179
	500,000	4.00%, 12/13/13		533,035
	2,065,000	4.88%, 12/13/13		2,268,041
	800,000	4.88%, 06/13/14		883,056

Principal Amount			Value
Federal Home Loan Bank (continued)
$	7,825,000	5.38%, 06/13/14	$	8,733,349
	2,325,000	3.25%, 09/12/14		2,382,297
	870,000	5.25%, 09/12/14		967,684
	3,720,000	4.75%, 11/14/14		4,085,847
	1,815,000	4.75%, 12/12/14		1,986,271
	50,000	5.00%, 12/11/15		54,888
				92,039,106
Freddie Mac — 1.3%
	190,000	4.50%, 12/16/10		196,557
	355,000	5.00%, 08/15/12		386,430
	400,000	5.00%, 11/13/14		441,542
	3,300,000	2.88%, 02/09/15		3,333,000
				4,357,529
Ginnie Mae — 0.0%
	85,275	8.50%, 10/15/17		93,413
	465	9.00%, 02/15/20		525
				93,938
Overseas Private Investment Corp. — 3.8%
	1,000,000	4.59%, 12/09/11(c)		1,047,078
	10,941,062	5.14%, 12/15/23		11,685,492
				12,732,570
Private Export Funding Corp. — 5.7%
	300,000	6.07%, 04/30/11		320,302
	400,000	5.66%, 09/15/11(b)		428,514
	425,000	4.90%, 12/15/11		455,722
	510,000	5.69%, 05/15/12		561,003
	10,760,000	3.55%, 04/15/13		11,349,411
	1,800,000	4.97%, 08/15/13		1,976,663
	4,235,000	3.05%, 10/15/14		4,248,349
				19,339,964
Small Business Administration — 0.5%
	1,450,557	4.73%, 02/10/19		1,481,797
Tennessee Valley Authority — 0.7%
	779,000	5.63%, 01/18/11		818,867
	632,000	6.79%, 05/23/12		710,695
	110,000	4.75%, 08/01/13		119,582
	725,000	6.25%, 12/15/17		840,544
				2,489,688
Total U.S. Government Agencies (Cost $145,276,795)				149,797,630

114

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 18.0%
U.S. Treasury Notes — 18.0%
$	275,000	2.38%, 04/15/11(d)	$	310,672
	6,065,000	1.13%, 06/30/11		6,120,440
	1,475,000	2.63%, 02/29/16		1,460,710
	14,805,000	2.38%, 03/31/16		14,424,467
	34,793,000	4.63%, 11/15/16		38,359,282
Total U.S. Government Securities (Cost $57,841,970)				60,675,571
GOVERNMENT BONDS — 0.3%
EGYPT — 0.3%
	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15		1,074,940
Total Government Bonds (Cost $1,060,507)				1,074,940
Shares
INVESTMENT COMPANY — 2.7%
	9,255,900	SEI Daily Income Trust Government II Fund, Class A		9,255,900
Total Investment Company (Cost $9,255,900)				9,255,900
TOTAL INVESTMENTS — 99.0% (Cost $322,143,389)(a)			$	334,891,828
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				3,250,820
NET ASSETS — 100.0%			$	338,142,648

(a) Cost for financial reporting purposes is $322,143,389 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	13,167,874
Unrealized depreciation		(419,435	)
Net unrealized appreciation	$	12,748,439

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $45,861,717, which is 13.6% of net assets.
(c)	Zero coupon bond. The rate represents the yield at time of purchase.
(d)	Inflation protected security. Principal amount reflects original security face amount.

Cnv. — Convertible

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

MTN — Medium Term Note

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government Agency & Securities	62.3	%
Corporate Bonds	31.5
Municipal Bonds	2.2
Foreign Government Bonds	0.3
Other*	3.7
	100	%

* Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

115

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS	January 31, 2010
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 95.1%
Alabama — 0.3%
$	400,000	Alabama Water Pollution Control Authority Revenue Bonds, (AMBAC) 5.50%, 08/15/14	$	412,576
	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26(b)		1,209,440
				1,622,016
Arizona — 0.4%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		404,582
	800,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/14		912,456
	500,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, Senior Lien, 5.50%, 07/01/24		558,020
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		262,610
				2,137,668
California — 10.4%
	3,000,000	California State Department of Water Resources Refunding Revenue Bonds, Series AG 4.25%, 12/01/23		3,102,240
	1,000,000	California State Public Works Board Regents University Revenue Bonds, Series E, OID, 5.00%, 04/01/34		996,460
	6,000,000	California State Public Works Board Regents University Revenue Bonds, Series F, OID, 5.00%, 04/01/34		5,978,760
	4,000,000	City of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		4,536,680
	675,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 4.00%, 02/01/12		715,439
	6,000,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 5.00%, 02/01/20		6,694,260
Principal Amount			Value
California (continued)
$	200,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID 5.50%, 06/01/13(b)	$	226,916
	350,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)		398,524
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(b)(c)		341,103
	1,715,000	Los Angeles Community College District 2008 Election Refunding GO, Series A, 6.00%, 08/01/33		1,877,308
	8,000,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26		8,602,480
	6,370,000	Los Angeles Department of Water & Power Revenue Bonds, Sub-Series A-2, (AMBAC) 5.00%, 07/01/44		6,266,870
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (AGM) 5.00%, 07/01/16		193,409
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23		1,129,527
	100,000	Metropolitan Water District of Southern California Refunding Revenue Bonds 5.00%, 07/01/20		113,308
	900,000	Metropolitan Water District of Southern California Refunding Revenue Bonds, (J.P. Morgan) 5.00%, 07/01/21		1,014,345
	4,000,000	Orange County Water District Refunding COP 5.00%, 08/15/29		4,213,840
	150,000	Placer County Water Agency Refunding COP, OID, (NATL-RE) 4.50%, 07/01/16		154,779

116

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
California (continued)
$	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18	$	291,599
	12,000,000	State of California Refunding GO, Series A 5.00%, 07/01/22		12,568,560
	1,000,000	University of California Revenue Bonds, Series D 5.00%, 05/15/28		1,021,960
	1,700,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/19		1,914,897
				62,353,264
Colorado — 0.6%
	485,000	City of Longmont Sales & Use Tax Revenue Bonds, OID, 5.63%, 11/15/10(b)(c)		505,583
	3,000,000	University of Colorado Revenue Bonds, Sub-Series B-1 3.00%, 12/01/12		3,149,670
				3,655,253
Connecticut — 0.1%
	500,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38		521,640
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		186,211
				707,851
Florida — 5.4%
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		174,199
	10,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/17		11,083,800
	805,000	Florida State Board of Education Public Education GO, Series E, OID, (AGM) 5.00%, 06/01/26		834,688
	8,575,000	Florida State Board of Education Revenue Bonds, Series A 5.50%, 07/01/27		9,058,116
Principal Amount			Value
Florida (continued)
$	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/13	$	281,838
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/16		1,210,852
	2,500,000	Miami-Dade County Airport Revenue Bonds, Series A-1, OID 5.38%, 10/01/35		2,480,875
	1,400,000	Miami-Dade County Airport Revenue Bonds, Series A-1, OID 5.50%, 10/01/41		1,405,488
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		480,028
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,121,260
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM) 5.25%, 10/01/16		2,007,144
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		549,965
	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18		954,234
				32,642,487
Georgia — 2.5%
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,434,950
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.00%, 01/01/15		587,097
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.25%, 01/01/17		451,528
	5,000,000	Gwinnett County School District GO 5.00%, 02/01/29		5,601,800

117

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Georgia (continued)
$	5,000,000	Gwinnett County Water & Sewerage Authority Revenue Bonds, Series A, (County GTY) 4.00%, 08/01/21	$	5,333,700
	1,500,000	State of Georgia GO, Series B, 5.00%, 01/01/18		1,746,570
				15,155,645
Illinois — 2.6%
	500,000	Chicago Board of Education Dedicated GO, Series B, (AGM) 5.00%, 12/01/18		536,695
	4,780,000	Chicago Metropolitan Water Reclamation District of Greater Chicago Refunding GO, 5.00%, 12/01/26		5,074,830
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC) 5.00%, 01/01/23		3,660,041
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC) 5.00%, 06/01/21		942,300
	225,000	City of Chicago Neighborhoods Alive 21 Program GO, Series A, OID, (FGIC) 5.88%, 01/01/19(b)		232,484
	100,000	City of Rockford GO, Series A, OID, (AGM) 5.38%, 12/15/13		104,434
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25		1,056,260
	235,000	Cook County Refunding GO, Series A, OID, (NATL-RE, FGIC) 5.00%, 11/15/22		236,408
	85,000	Du Page County Community Unit School District No. 202 Lisle GO, OID, (AGM) 5.55%, 12/30/17(b)		89,084
	65,000	Du Page County Community Unit School District No. 202 Lisle Un-Refunded GO, OID, (AGM) 5.55%, 12/30/17		66,916
	260,000	Freeport Sewer System Improvements Refunding GO, OID, (AMBAC) 5.55%, 12/01/14(b)		273,980
	500,000	State of Illinois GO, First Series, 5.50%, 08/01/15		511,345
Principal Amount			Value
Illinois (continued)
$	400,000	State of Illinois Sales Tax Revenue Bonds, Series Z, 5.00%, 06/15/12	$	404,748
	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE) 4.30%, 03/01/21		1,694,906
	600,000	Will County School District No. 161 Summit Hill Refunding GO, (NATL-RE, FGIC) 5.00%, 01/01/17		636,930
				15,521,361
Indiana — 2.6%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/16		666,263
	1,490,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/15/25		1,618,662
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16		1,140,846
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		702,182
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (AGM, State Aid Withholding) 5.00%, 07/15/18		706,752
	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/10/14		328,400
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding) 5.00%, 07/15/16		559,727

118

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17	$	535,072
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (AGM, State Aid Withholding) 5.13%, 07/15/12(b)		490,765
	75,000	Franklin Township School Building Corp., Marion County First Mortgage Revenue Bonds, 5.75%, 07/15/10		76,868
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/22		1,147,896
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE) 5.00%, 07/15/23		1,583,681
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding) 5.38%, 07/15/16(b)		194,385
	125,000	Indianapolis-Marion County Public Library GO, Series A, 4.60%, 07/01/18		127,119
	145,000	Lebanon Middle School Building Corp., First Mortgage Revenue Bonds, (AGM, State Aid Withholding) 5.05%, 07/15/11(b)		149,637
	700,000	Mount Vernon of Hancock County Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (State Aid Withholding) 5.25%, 01/15/14(b)		743,344
	205,000	Noblesville Elementary/Intermediate Schools Building Corp., First Mortgage Revenue Bonds, (AGM) 5.50%, 07/15/12(b)		211,923
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 5.00%, 01/15/16(b)		176,066
Principal Amount			Value
Indiana (continued)
$	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/18	$	534,915
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/16		810,710
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/16		834,916
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/17		645,998
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC) 5.00%, 01/15/19		209,968
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/10/16		878,526
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/15		195,682
	135,000	Westfield-Washington Elementary Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 4.75%, 01/15/11		140,523
				15,410,826
Kentucky — 0.2%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC) 5.00%, 11/01/15		1,129,540

119

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Louisiana — 0.4%
$	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16	$	2,175,960
Maine — 0.2%
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		934,405
	115,000	Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21(b)		134,153
	285,000	Maine Health & Higher Educational Facilities Authority Un-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		306,133
				1,374,691
Maryland — 0.7%
	4,000,000	Maryland State Transportation Authority Revenue Bonds, Series A 5.00%, 07/01/23		4,440,200
Massachusetts — 1.0%
	5,000,000	Massachusetts Bay Transportation Authority Refunding Revenue Bonds, Series A 5.25%, 07/01/26		5,872,350
	390,000	Town of Hingham Refunding GO, Series A 4.00%, 04/15/24		403,346
				6,275,696
Michigan — 1.0%
	1,350,000	Central Montcalm Public Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/23		1,436,198
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/20		369,067
	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13(b)		265,470
Principal Amount			Value
Michigan (continued)
$	240,000	Dundee Community School District School Building & Site GO, (Q-SBLF) 5.38%, 05/01/10(b)(c)	$	243,026
	250,000	Dundee Community School District School Building & Site GO, OID, (Q-SBLF) 5.38%, 05/01/10(b)(c)		253,152
	325,000	East Lansing School District School Building & Site GO, OID, (Q-SBLF) 5.35%, 05/01/10(b)(c)		329,079
	150,000	Galesburg-Augusta Community Schools GO, (Q-SBLF) 5.38%, 05/01/10(b)(c)		151,892
	150,000	Jackson Public Schools School Building & Site Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/15		165,644
	385,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		407,634
	245,000	Portage Public Schools School Building & Site GO, (AGM) 5.00%, 05/01/14		261,604
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		786,779
	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/21		282,180
	150,000	Van Buren County GO, OID, (AMBAC) 5.00%, 05/01/15		152,499
	375,000	Warren Transportation Fund GO, OID, 5.00%, 06/01/16		378,555
	400,000	Zeeland Public Schools Building & Site GO, (Q-SBLF) 5.00%, 05/01/20		409,288
				5,892,067
Minnesota — 0.2%
	950,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		1,107,006
Mississippi — 0.4%
	1,000,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,140,050

120

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Mississippi (continued)
$	890,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20	$	986,351
				2,126,401
Missouri — 0.4%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit) 5.00%, 03/01/18		573,180
	1,505,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,705,978
				2,279,158
Nevada — 2.2%
	1,000,000	Clark County Improvement District No. 112 Special Assessment 5.00%, 08/01/34		1,005,580
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		546,490
	3,000,000	Clark County School District GO, Series C, (NATL-RE) 5.00%, 06/15/22		3,140,880
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC) 5.00%, 06/15/22		2,088,480
	2,805,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		3,020,592
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/20		3,248,613
				13,050,635
New Jersey — 4.3%
	355,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/17		377,479
	440,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/19		457,323
Principal Amount			Value
New Jersey (continued)
$	355,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding) 4.00%, 02/15/17	$	386,993
	500,000	Harrison GO, (School Board Resolution Funding) 3.75%, 01/15/15		545,230
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC) 5.50%, 09/01/24		5,656,300
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,651,545
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		533,400
	1,200,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16		1,401,504
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,652,451
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE) 5.50%, 12/15/15		1,571,322
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5 5.25%, 12/15/19		3,058,660
	1,000,000	New Jersey Transportation Trust Fund Authority Transportation Systems Revenue Bonds, Series A, (AGM,CR) 5.50%, 12/15/22		1,135,630
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/15		361,713
	440,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/16		470,510

121

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	360,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/17	$	380,873
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14(b)		125,976
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37(b)		1,342,128
	535,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42(b)		599,901
				25,708,938
New Mexico — 0.2%
	1,200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Revenue Bonds, Series A1, 5.50%, 07/01/22		1,390,992
New York — 17.9%
	2,000,000	City of New York Fiscal 2008 Refunding GO, Series A1, 5.00%, 08/01/15		2,267,280
	4,250,000	City of New York Refunding GO, Series G, (NATL-RE) 5.00%, 08/01/18		4,623,150
	2,000,000	Metropolitan Transportation Authority Revenue Bonds, Series B, OID, 5.00%, 11/15/34		2,065,500
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,911,050
	1,150,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, OID, 5.75%, 06/15/40		1,272,026
	300,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series C, 4.75%, 06/15/33		301,950
	1,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series CC, 5.00%, 06/15/29		1,576,290
	6,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series D 5.00%, 06/15/38		6,135,540
Principal Amount			Value
New York (continued)
$	5,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series B 5.00%, 11/01/22	$	5,549,050
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A 5.00%, 05/01/22		2,431,154
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series S-3, (State Aid Withholding) 5.25%, 01/15/25		2,146,020
	3,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, (GO of Corp.) 4.50%, 04/01/20		3,292,440
	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (NATL-RE) 5.00%, 11/15/15		1,157,130
	6,285,000	New York State Dormitory Authority Construction Service Contract Refunding Revenue Bonds, Series A 5.00%, 07/01/22		6,763,477
	2,500,000	New York State Dormitory Authority Court Facilities Lease Refunding Revenue Bonds, Series A, (AMBAC) 5.50%, 05/15/31		2,731,525
	2,000,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		2,185,520
	3,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, 5.00%, 03/15/22		3,331,230
	1,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, OID, 5.00%, 03/15/38		1,027,960
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (NATL-RE, FGIC) 5.00%, 02/15/16		599,154
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A, OID 5.00%, 02/15/34		5,191,350

122

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PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010 (Unaudited)

Principal Amount			Value
New York (continued)
$	500,000	New York State Dormitory Authority Refunding Mental Health Services Facilities Improvement Revenue Bonds, (Assured GTY) 5.00%, 02/15/19	$	524,435
	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17		1,584,198
	1,100,000	New York State Dormitory Authority Upstate Community Colleges Refunding Revenue Bonds, 6.00%, 07/01/31(d)		1,214,884
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds 5.00%, 04/01/20		7,745,290
	1,450,000	New York State Thruway Authority Highway Improvement Revenue Bonds 3.00%, 07/15/11		1,491,644
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		2,099,671
	4,680,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/27		4,991,360
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		456,968
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B 5.00%, 04/01/21		5,501,050
	2,210,000	New York State Thruway Authority Second General Highway and Bridge Trust Fund Refunding Revenue Bonds, Series B, (AMBAC) 5.00%, 04/01/18		2,434,845
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/21		5,585,050
	820,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/23		898,638
Principal Amount			Value
New York (continued)
$	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18	$	901,216
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds 5.25%, 01/01/23		1,081,820
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D 5.50%, 01/01/19		5,665,550
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		560,125
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		1,097,610
	250,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.50%, 01/01/24		274,528
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM) 5.00%, 01/01/15		1,142,670
	4,800,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series B1, OID, 5.00%, 03/15/28		5,125,632
				107,935,980
North Carolina — 3.5%
	300,000	Brunswick County GO, (NATL-RE, FGIC) 5.00%, 05/01/15(b)		322,728
	1,655,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,779,257
	4,230,000	Cabarrus County School Improvement COP 5.00%, 01/01/25		4,434,351
	1,060,000	City of Charlotte Refunding Revenue Bonds 5.00%, 07/01/21		1,210,266
	250,000	City of Winston-Salem COP, Series A, 5.00%, 06/01/15		285,542

123

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MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
North Carolina (continued)
$	1,635,000	Dare County COP, (NATL-RE, FGIC) 5.00%, 06/01/17	$	1,760,601
	600,000	Harnett County COP, Series A, (AGM) 5.00%, 12/01/14		683,616
	5,955,000	Wake County Public Improvement Revenue Bonds 5.00%, 01/01/27		6,488,985
	3,950,000	Wake County School Improvement GO 4.50%, 03/01/24		4,216,072
				21,181,418
Ohio — 1.4%
	865,000	Greene County Governmental Enterprise Refunding Revenue Bonds, Series A, (NATL-RE) 5.25%, 12/01/21		1,006,886
	100,000	Hamilton County Sewer System Refunding Revenue Bonds, Series A, (NATL-RE) 5.00%, 12/01/19		107,783
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18		2,650,503
	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE) 5.00%, 09/01/16		438,200
	900,000	Ohio State University Revenue Bonds, Series A 4.25%, 12/01/24		927,369
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,075,780
	2,000,000	State of Ohio Higher Education GO, Series B, 5.00%, 05/01/23		2,154,420
				8,360,941
Oregon — 0.5%
	3,000,000	Oregon State Department of Administrative Services COP, Series C 5.00%, 11/01/34		3,076,590
Pennsylvania — 0.7%
	1,585,000	Hempfield Area School District Refunding GO, Series B, (NATL-RE, FGIC, State Aid Withholding) 5.00%, 10/15/16		1,704,081
Principal Amount			Value
Pennsylvania (continued)
$	115,000	New Castle Area School District GO, OID, (NATL-RE, State Aid Withholding) 4.40%, 03/01/11	$	119,713
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE) 5.00%, 04/01/17		1,573,277
	1,000,000	University of Pittsburgh of the Commonwealth Systems of Higher Education Revenue Bonds, University Capital Project, (GO of University) 5.50%, 09/15/37(d)		1,120,020
				4,517,091
Puerto Rico — 0.0%
	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15		202,690
South Carolina — 0.2%
	350,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/22		389,882
	1,000,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,101,880
				1,491,762
Texas — 25.3%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE) 5.50%, 08/15/15		1,465,376
	2,000,000	Aldine Independent School District GO, OID, (PSF-GTD) 4.25%, 02/15/25		2,074,440
	4,405,000	Aldine Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		4,787,002
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20		1,368,310
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13(b)		115,354

124

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	4,365,000	Austin Independent School District Refunding GO, (NATL-RE) 5.00%, 08/01/18	$	4,934,545
	1,600,000	Beaumont Independent School District GO, OID, (Assured GTY) 5.00%, 02/15/34		1,633,232
	1,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/24		1,035,200
	5,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/27		5,128,950
	810,000	Bexar County GO, Series A 5.00%, 06/15/22		900,817
	1,000,000	Bexar County GO, Series A 5.00%, 06/15/26		1,077,440
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18(b)		1,077,240
	1,995,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/25		2,052,636
	1,805,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/26		1,850,630
	100,000	City of Austin Refunding Sub Lien Revenue Bonds, (NATL-RE) 5.25%, 05/15/25		108,828
	750,000	City of Dallas GO, OID, 5.00%, 02/15/25		809,100
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE) 5.00%, 02/15/14		579,689
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE) 4.50%, 03/01/14		995,186
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.25%, 03/01/14		4,562,160
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.38%, 03/01/15		3,383,250
	255,000	City of Laredo GO, OID, (FGIC) 5.38%, 08/15/20(b)		274,209

Principal Amount			Value
Texas (continued)
$	1,280,000	City of Richardson Refunding GO, (NATL-RE) 5.25%, 02/15/20	$	1,408,576
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,857,662
	1,500,000	Clint Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 08/15/28		1,603,755
	190,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/15		216,404
	315,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/16		358,731
	4,485,000	Cypress-Fairbanks Independent School District Refunding GO, Series 2005-2, (PSF-GTD) 4.00%, 02/15/21		4,699,876
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		113,250
	245,000	Deer Park Independent School District Limited Tax GO, (AGM) 5.00%, 02/15/17		279,192
	3,340,000	Denton County GO, OID 4.25%, 07/15/27		3,368,290
	245,000	El Paso County Refunding GO, (NATL-RE) 5.00%, 02/15/16		276,323
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,102,730
	650,000	Fort Bend County Refunding GO, 5.00%, 03/01/24		700,050
	3,000,000	Fort Worth Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/17		3,445,560
	500,000	Friendswood Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 02/15/23		551,385
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (AGM) 5.00%, 03/01/21		1,173,041
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE) 5.50%, 07/15/13		399,052

125

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	3,000,000	Garland Independent School District Refunding GO, Series A 5.00%, 02/15/19	$	3,433,350
	275,000	Giddings Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/17		317,171
	150,000	Giddings Independent School District School Building GO, Series A, OID, (PSF-GTD) 4.50%, 02/15/23		157,180
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/17		768,376
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/19		1,076,310
	370,000	Gregory-Portland Independent School District GO, OID, (PSF-GTD) 5.50%, 08/15/10(b)(c)		380,530
	1,000,000	Harlandale Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/35		1,029,170
	2,500,000	Harris County Refunding GO, Series A, 5.00%, 10/01/23		2,811,575
	2,500,000	Harris County Refunding GO, Series C 5.00%, 08/15/23		2,808,200
	1,000,000	Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19		1,175,370
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		418,766
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE) 4.50%, 08/15/19		517,150
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM) 5.25%, 04/15/21		3,306,133
	2,975,000	Houston Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/22		3,297,996
	1,300,000	Magnolia Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/17		1,503,528

Principal Amount			Value
Texas (continued)
$	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16	$	631,187
	440,000	Midland College District GO, (NATL-RE, FGIC) 5.00%, 02/15/24		466,250
	1,890,000	Monahans-Wickett-Pyote Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		2,022,810
	1,000,000	North East Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/21		1,087,930
	1,315,000	North East Independent School District Refunding GO, (PSF-GTD) 5.25%, 02/01/22		1,554,409
	1,625,000	Northwest Independent School District GO, OID, (PSF-GTD) 4.75%, 02/15/27		1,673,002
	700,000	Northwest Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/18		754,341
	300,000	Plano Independent School District GO, (PSF-GTD) 4.50%, 02/15/19		323,376
	1,205,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		1,298,122
	2,040,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,166,541
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		594,190
	500,000	Rockwall Independent School District School Building GO, (PSF-GTD) 4.75%, 02/15/15		569,120
	295,000	San Felipe-Del Rio Consolidated Independent School District GO, OID, (PSF-GTD) 5.38%, 08/15/10(b)(c)		303,198
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		486,837

126

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14	$	1,097,500
	3,125,000	Socorro Independent School District GO, Series A, (PSF-GTD) 5.00%, 08/15/25		3,349,156
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,715,145
	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18		4,585,919
	6,565,000	Southwest Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/19		7,216,182
	2,000,000	Spring Branch Independent School District Schoolhouse GO, (PSF-GTD) 5.25%, 02/01/38		2,111,240
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,104,285
	555,000	Spring Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/19		632,633
	6,000,000	State of Texas GO, Series B 5.00%, 12/01/24		6,530,700
	2,340,000	State of Texas Water Financial Assistance GO, Series A, 5.00%, 08/01/27		2,519,338
	1,200,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/22		1,332,216
	900,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,023,966
	1,050,000	State of Texas Water Financial Assistance Refunding GO, Series A 5.00%, 08/01/23		1,130,283
	1,570,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,808,059
	1,690,000	Texas State University Systems University and College Improvement Revenue Bonds 5.00%, 03/15/17		1,923,676

Principal Amount			Value
Texas (continued)
$	250,000	Texas Tech University Refunding and Improvement Revenue Bonds, (AMBAC) 5.00%, 02/15/16	$	285,550
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,099,040
	435,000	Travis County Public Road Improvement GO 4.00%, 03/01/25		437,297
	450,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/26		448,929
	240,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/28		234,552
	215,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/29		208,017
	415,000	Travis County Recreational Facilities Improvement GO 4.00%, 03/01/25		417,191
	330,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/26		329,215
	320,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/28		312,736
	140,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/29		135,453
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,484,770
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,864,541
	1,860,000	Victoria Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26		1,991,855
	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		1,250,840
	500,000	Waco Independent School District School Building Refunding GO, (PSF-GTD) 4.25%, 08/15/16		555,305

127

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	400,000	Ysleta Independent School District Building GO, (PSF-GTD) 5.00%, 08/15/25	$	426,004
				152,261,182
Utah — 0.4%
	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21		2,227,109
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		143,060
				2,370,169
Virginia — 2.3%
	3,135,000	City of Richmond Refunding GO, Series A 5.00%, 07/15/26		3,534,744
	1,500,000	City of Richmond Refunding GO, Series A 5.00%, 07/15/28		1,670,745
	2,530,000	Virginia College Building Authority Educational Facilities Refunding Revenue Bonds, 21st Century College & Equipment Programs, Series C, 4.00%, 02/01/15		2,788,364
	2,570,000	Virginia College Building Authority Refunding Revenue Bonds, Series E-1 5.00%, 02/01/22		2,972,256
	1,350,000	Virginia Public Building Authority Revenue Bonds, Series B 5.00%, 08/01/21		1,539,297
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,433,120
				13,938,526
Washington — 6.2%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (NATL-RE) 5.00%, 06/01/17		114,124
	300,000	City of Puyallup Refunding Revenue Bonds, Series 2009B, 4.50%, 11/01/19		315,987
	500,000	City of Seattle Refunding GO 5.00%, 12/01/24		553,310
Principal Amount			Value
Washington (continued)
$	1,500,000	City of Seattle Water & Wastewater Authority Refunding and Improvement Revenue Bonds, 5.00%, 02/01/22	$	1,657,920
	100,000	Clark County Public Utility District No. 1 Generating System Refunding Revenue Bonds, (NATL-RE, FGIC) 5.00%, 01/01/13		108,856
	4,500,000	Energy Northwest Columbia Generating Station Revenue Bonds, Series D, 5.00%, 07/01/21		4,955,670
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,245,620
	9,000,000	King County School District No 401 Highline School Improvement GO, (AGM, School Board GTY) 5.00%, 12/01/26		9,618,030
	1,170,000	King County School District No. 401 Highline Refunding GO, (School Board GTY) 5.00%, 12/01/20		1,327,318
	1,110,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/18		1,191,929
	1,550,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/19		1,638,536
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,691,385
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (NATL-RE, FGIC, School Board GTY) 5.00%, 12/01/16		221,316
	250,000	Snohomish County School District No. 6 Mukilteo GO, OID, (School Board GTY) 5.35%, 12/01/10(b)(c)		260,535
	1,335,000	Snohomish County Surface Water Management Refunding GO, Series A 5.00%, 12/01/21		1,497,643
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,250,960

128

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Principal Amount				Value
Washington (continued)
$	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		$		4,477,280
	2,000,000	State of Washington Various Purpose Refunding GO, Series R-A, (AMBAC) 5.00%, 01/01/25				2,110,200
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15				2,312,808
						37,549,427
West Virginia — 0.1%
	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE) 5.50%, 04/01/17				311,231
Wisconsin — 0.5%
	135,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)				141,853
	145,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)				152,360
	150,000	Door County Corporate Purpose GO, Series A, OID, (FGIC) 5.25%, 09/01/20				159,198
	500,000	Fond Du Lac Promissory Notes GO, OID, (FGIC) 4.40%, 05/01/11(b)				504,555
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC) 4.75%, 03/01/15				109,728
	130,000	Menomonee Falls Water Systems Mortgage Refunding Revenue Bonds, OID, (AGM) 4.60%, 12/01/10				134,584
	55,000	Osceola School District GO, OID, Series A, (NATL-RE, FGIC) 5.13%, 05/01/17(b)				59,302
	465,000	Osceola School District School Building GO, Series A, OID, (NATL-RE, FGIC) 5.13%, 05/01/17				480,447
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14				845,347
Principal Amount				Value
Wisconsin (continued)
$	220,000	Two Rivers Public School District Refunding GO, (AGM) 5.75%, 03/01/10(b)(c)		$		220,955
						2,808,329
Total Municipal Bonds (Cost $552,288,648)						572,162,991
Shares
INVESTMENT COMPANY — 4.3%
26,107,800			SEI Daily Income Trust Government II Fund, Class A				26,107,800
Total Investment Company (Cost $26,107,800)							26,107,800
TOTAL INVESTMENTS — 99.4% (Cost $578,396,448)(a)							598,270,791
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%							3,666,496
NET ASSETS — 100.0%					$		601,937,287

(a) Cost for financial reporting purposes is $578,396,448 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	21,071,165
Unrealized depreciation		(1,196,822	)
Net unrealized appreciation	$	19,874,343

(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	Variable rate security. Rate shown is the rate as of January 31, 2010.

AGM — Assured Guaranty Municipal Corp. (formerly known as FSA (Financial Security Assurance, Inc.)

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

XLCA — XL Capital Insurance

129

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2010
	(Unaudited)

Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.3	%
Arizona	0.4
California	10.4
Colorado	0.6
Connecticut	0.1
Florida	5.4
Georgia	2.5
Illinois	2.6
Indiana	2.6
Kentucky	0.2
Louisiana	0.4
Maine	0.2
Maryland	0.7
Massachusetts	1.0
Michigan	1.0
Minnesota	0.2
Mississippi	0.4
Missouri	0.4
Nevada	2.2
New Jersey	4.3
New Mexico	0.2
New York	17.9
North Carolina	3.5
Ohio	1.4
Oregon	0.5
Pennsylvania	0.7
Puerto Rico	0.0
South Carolina	0.2
Texas	25.3
Utah	0.4
Virginia	2.3
Washington	6.2
West Virginia	0.1
Wisconsin	0.5
Other*	4.9
	100.0

* Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

130

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1. Organization:

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Articles of Incorporation permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At January 31, 2010, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury U.S. Large Cap Fund (“U.S. Large Cap Fund”)	Long-term capital appreciation.
Old Westbury Non-U.S. Large Cap Fund (“Non-U.S. Large Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Small & Mid Cap Fund (“Global Small & Mid Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Opportunities Fund (“Global Opportunities Fund”)	Long-term capital appreciation.
Old Westbury Real Return Fund (“Real Return Fund”)	Real capital appreciation in inflationary environments.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appre- ciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

The Corporation has authorized a total of 20 billion shares of common stock (par value $0.001 per share).

The number of shares authorized per fund are as follows:

U.S. Large Cap Fund	2,500,000,000
Non-U.S. Large Cap Fund	3,000,000,000
Global Small & Mid Cap Fund	3,500,000,000
Global Opportunities Fund	3,500,000,000
Real Return Fund	3,500,000,000
Fixed Income Fund	2,000,000,000
Municipal Bond Fund	2,000,000,000

Under the Corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

2. Basis for Consolidation for the Real Return Fund:

The Real Return Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in OWF Real Return Fund Ltd., a wholly-owned subsidiary of the Real Return Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary has the same investment goals as the Real Return Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment in the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of January 31, 2010, the Real Return Fund held $387,737,472 in the Subsidiary, representing 23.50% of the Real Return

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Fund’s net assets. The accompanying consolidated portfolio of investments of the Real Return Fund includes all assets, liabilities, revenues and expenses of the Real Return Fund and its wholly-owned Subsidiary. All material intercompany accounts and transactions have been eliminated.

3. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards.

A. Valuation of Investments. Securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). If there has been no sale on such day, the security is valued at the mean of the closing bid and asked prices. If no bid or asked prices are quoted, or if events or circumstances that could materially affect the value of such Funds’ securities have occurred, then the security is valued at a fair value determined in accordance with procedures approved by the Board. Securities traded on more than one national securities exchange are valued at the last sale price on the exchange representing the principal market for such securities. Investments in open-end investment companies are valued at net asset value.

Securities traded in the over-the-counter market are valued at the mean of the current bid and asked prices from such sources as the Board deems appropriate to reflect their fair value.

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost. Debt instruments having a greater remaining maturity will be valued at the highest bid price obtained from a dealer maintaining an active market in that security or on the basis of prices obtained from a pricing service approved as reliable by the Board.

All other investment assets and liabilities, including restricted and not readily marketable securities, are valued under procedures established by and under the general supervision and responsibility of the Board designed to reflect, in good faith, the fair value of such securities or other assets and liabilities. Fair value methods used by the Board include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the investments are purchased and sold.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds may use a pricing service authorized by the Board that has been designated to determine fair value. The Funds that invest in investments that trade in non-U.S. markets may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. investments. When these Funds use fair value pricing, the value assigned to the non-U.S. investments held by these Funds may not be the quoted or published prices of the investment on their primary markets or exchanges.

B. Foreign Currency Transaction. The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

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Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

C. Collectibles. The Real Return Fund may invest in Collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have accurate market valuations available. The values of the collectible coins and sets of coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser who uses market auction data to determine each coin’s and set of coins current value. Between these quarterly appraisals, each coin and set of coins is valued weekly via information in the Coin Dealer Newsletter based on the price movement of a basket of like coins identified by the Advisor. The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of January 31, 2010, the Real Return Fund held $51,451,945, or 3.12% of net assets, in Collectibles.

D. Commodities. The Real Return Fund and its Subsidiary may invest in commodities. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Other are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Fund’s investments to greater volatility than investments in traditional securities. In order to gain exposure to the commodities markets the Real Return Fund through its Subsidiary may invest directly in physical commodities in addition to indirect investments in commodities-linked or related instruments.

E. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

F. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security the Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

G. Loan Participations and Assignments. The Global Opportunities Fund, Real Return Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally LIBOR, the CD rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment

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grade entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Currently, the Global Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Global Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments.

Generally, when a Fund purchases an assignment of a loan from a lender it will step into the shoes of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. The Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

H. Credit Enhancement. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (i.e., AMBAC and FGIC).

I. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Fund. Each Fund intends to limit the purchase of securities which have not been determined by the Adviser or sub-adviser to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

4. Derivative Instruments:

The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities or commodities markets or for speculative purposes. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The Funds may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $1,000,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the counter derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to accelerate payment of any net liability owed to the counterparty. All derivatives in a net liability position are fully collateralized. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

The Funds are subject to credit risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

For open derivative instruments, please see the Schedules of Portfolio Investments or details below:

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Fair values of derivative instruments as of 1/31/10:

	Asset Derivatives Value
Fund	Total Value at January 31, 2010		Equity Contracts		Interest Rate Contracts		Credit Contracts		Foreign Exchange Contracts		Commodity Contracts
Global Small & Mid Cap Fund	$	288,019	$	138,000	$	—	$	—	$	150,019	$	—
Global Opportunities Fund		21,931,342		3,314,206		4,735		—		18,612,401		—
Real Return Fund		384,737,560		323,870,000		—		—		—		60,867,560
	Liability Derivatives Value
Fund	Total Value at January 31, 2010		Equity Contracts		Interest Rate Contracts		Credit Contracts		Foreign Exchange Contracts		Commodity Contracts
Global Small & Mid Cap Fund	$	2,939,849	$	—	$	—	$	—	$	2,939,849	$	—
Global Opportunities Fund		29,489,997		11,644,588		82,482		—		17,762,927		—
Real Return Fund		335,648,186		311,440,900		—		—		—		24,207,286

A. Futures Contracts. The Funds may purchase or sell futures contracts and options on financial futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying security. The Funds recognize a gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying securities or commodities, while permitting the equivalent of an investment in a portfolio of the underlying securities or commodities. The potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) may enter into forward foreign currency contracts (“Forwards”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use Forwards to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Forward is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When the Forward is closed or settled, the Fund records a realized gain or loss equal to the fluctuation in rates during the period the Forward was open. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or seller, is the unrealized loss of the contract.

As of January 31, 2010, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Canadian Dollar	50,398,000	U.S. Dollar	48,029,891	02/26/10	$	(897,523	)
Australian Dollar	3,157,522	Japanese Yen	250,000,000	03/03/10		14,178
Australian Dollar	38,693,701	U.S. Dollar	35,522,171	03/08/10		(1,426,354	)

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Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Brazil Real	5,030,181	Japanese Yen	250,000,000	04/05/10	$	(315,738	)
Canadian Dollar	2,849,454	Japanese Yen	260,975,855	04/05/10		(46,721	)
Japanese Yen	15,764,824	Norway Krones	250,000,000	04/06/10		(117,672	)
					$	(2,789,830	)
As of January 31, 2010, the Global Opportunities Fund had the following open Forwards:
Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	317,920	02/02/10	$	61,235
Euro	10,143,702	U.S. Dollar	14,115,976	02/02/10		(51,847	)
New Zealand Dollar	1,419,051	U.S. Dollar	1,008,945	02/02/10		(13,453	)
Singapore Dollar	2,457,000	U.S. Dollar	1,768,453	02/02/10		(21,305	)
Singapore Dollar	983,000	U.S. Dollar	705,317	02/02/10		(6,315	)
U.S. Dollar	379,924	Chilean Unidad de Fomento	198,700,000	02/02/10		768
U.S. Dollar	15,000,001	Euro	10,143,702	02/02/10		935,872
U.S. Dollar	717,387	New Zealand Dollar	1,419,051	02/02/10		(278,105	)
U.S. Dollar	1,635,090	Singapore Dollar	2,457,000	02/02/10		(112,058	)
U.S. Dollar	654,025	Singapore Dollar	983,000	02/02/10		(44,976	)
Chilean Unidad de Fomento	372,860,000	U.S. Dollar	596,099	02/03/10		115,398
Chinese Yuan	16,160,000	U.S. Dollar	2,291,646	02/03/10		75,351
Chinese Yuan	2,696,000	U.S. Dollar	381,735	02/03/10		13,156
Singapore Dollar	3,078,000	U.S. Dollar	2,215,424	02/03/10		(26,706	)
U.S. Dollar	712,925	Chilean Unidad de Fomento	372,860,000	02/03/10		1,428
U.S. Dollar	2,761,975	Chinese Yuan	18,856,000	02/03/10		88
U.S. Dollar	2,043,838	Singapore Dollar	3,078,000	02/03/10		(144,880	)
Brazil Real	27,967,500	U.S. Dollar	16,182,086	02/04/10		(1,359,917	)
Euro	3,250,000	U.S. Dollar	4,873,798	02/04/10		(367,729	)
Mexican Peso	24,720,000	U.S. Dollar	1,634,650	02/04/10		254,045
Singapore Dollar	3,095,000	U.S. Dollar	2,217,732	02/04/10		(16,942	)
U.S. Dollar	15,872,588	Brazil Real	27,967,500	02/04/10		1,050,419
U.S. Dollar	1,589,301	Mexican Peso	21,700,000	02/04/10		(68,656	)
U.S. Dollar	224,360	Mexican Peso	3,020,000	02/04/10		(6,378	)
U.S. Dollar	2,043,768	Singapore Dollar	3,095,000	02/04/10		(157,023	)
USD	10,000,000	Euro	6,746,305	02/04/10		646,367
Singapore Dollar	2,469,000	U.S. Dollar	1,769,170	02/05/10		(13,528	)
U.S. Dollar	1,635,262	Singapore Dollar	2,469,000	02/05/10		(120,380	)
United Kingdom Pound	2,032,043	U.S. Dollar	3,314,323	02/05/10		(66,277	)
Mexican Peso	15,274,000	U.S. Dollar	995,211	02/08/10		171,278
Singapore Dollar	1,945,000	U.S. Dollar	1,394,665	02/08/10		(11,657	)
U.S. Dollar	10,000,009	Euro	6,742,306	02/08/10		652,006
U.S. Dollar	763,700	Mexican Peso	10,438,633	02/08/10		(33,507	)
U.S. Dollar	354,863	Mexican Peso	4,835,367	02/08/10		(14,418	)
U.S. Dollar	1,291,930	Singapore Dollar	1,945,000	02/08/10		(91,078	)
Singapore Dollar	2,464,000	U.S. Dollar	1,771,515	02/09/10		(19,481	)

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Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	5,273,893	Japanese Yen	478,350,000	02/09/10	$	(25,678	)
U.S. Dollar	1,636,339	Singapore Dollar	2,464,000	02/09/10		(115,694	)
Japanese Yen	519,990,250	U.S. Dollar	5,791,182	02/10/10		(30,268	)
U.S. Dollar	5,820,508	Japanese Yen	519,990,250	02/10/10		59,594
Singapore Dollar	976,400	U.S. Dollar	699,389	02/11/10		(5,128	)
U.S. Dollar	654,586	Singapore Dollar	976,400	02/11/10		(39,676	)
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	317,919	02/12/10		55,240
Malaysian Ringgit	22,100,000	U.S. Dollar	6,088,154	02/12/10		386,765
Malaysian Ringgit	3,465,966	U.S. Dollar	954,812	02/12/10		60,657
Malaysian Ringgit	1,162,274	U.S. Dollar	320,186	02/12/10		20,341
South Korean Won	1,412,000,000	U.S. Dollar	1,038,235	02/12/10		176,709
U.S. Dollar	7,336,876	Malaysian Ringgit	26,728,240	02/12/10		(494,038	)
U.S. Dollar	146,392	New Zealand Dollar	281,849	02/12/10		(51,203	)
U.S. Dollar	15,000,000	United Kingdom Pound	8,968,771	02/12/10		664,888
Australian Dollar	5,979,502	U.S. Dollar	5,478,450	02/16/10		(197,944	)
Chilean Unidad de Fomento	481,250,000	U.S. Dollar	794,798	02/16/10		123,759
Euro	692,922	U.S. Dollar	1,030,000	02/16/10		(69,303	)
U.S. Dollar	10,628,802	Japanese Yen	960,020,000	02/16/10		(7,343	)
Chilean Unidad de Fomento	480,420,000	U.S. Dollar	799,368	02/17/10		117,622
Hong Kong Dollar	26,638,400	U.S. Dollar	3,439,449	02/17/10		(7,992	)
Singapore Dollar	2,828,520	U.S. Dollar	2,034,169	02/17/10		(23,062	)
U.S. Dollar	15,000,000	Japanese Yen	1,343,293,500	02/17/10		117,489
U.S. Dollar	5,000,000	Japanese Yen	445,417,500	02/18/10		65,151
U.S. Dollar	5,000,000	United Kingdom Pound	2,974,933	02/18/10		245,254
U.S. Dollar	188,156	New Zealand Dollar	376,161	02/22/10		(75,389	)
Australian Dollar	12,023,638	U.S. Dollar	10,946,020	02/23/10		(335,176	)
Brazil Real	27,919,500	U.S. Dollar	15,787,108	02/23/10		(1,036,674	)
Indonesian Rupiah	101,600,000,000	U.S. Dollar	10,540,512	02/23/10		280,949
U.S. Dollar	3,931,974	New Zealand Dollar	7,821,710	02/23/10		(1,547,683	)
Australian Dollar	2,600,000	U.S. Dollar	2,364,812	02/26/10		(70,987	)
Brazil Real	37,996,000	U.S. Dollar	21,545,790	02/26/10		(1,481,650	)
Chilean Unidad de Fomento	339,330,000	U.S. Dollar	559,553	02/26/10		88,245
Chilean Unidad de Fomento	484,020,000	U.S. Dollar	799,372	02/26/10		124,647
Chilean Unidad de Fomento	242,290,000	U.S. Dollar	399,687	02/26/10		62,858
Euro	2,410,862	Polish Zloty	10,787,400	02/26/10		(343,815	)
Norway Krones	167,925,000	U.S. Dollar	29,699,687	02/26/10		(1,382,253	)
Polish Zloty	10,787,400	Euro	2,302,196	02/26/10		494,470
Singapore Dollar	2,900,000	U.S. Dollar	2,090,723	02/26/10		(28,932	)
Swedish Krona	84,036,600	Euro	7,436,670	02/26/10		1,063,639
U.S. Dollar	5,000,000	Euro	3,321,597	02/26/10		394,902
U.S. Dollar	5,000,000	Japanese Yen	438,327,500	02/26/10		143,586
Chilean Unidad de Fomento	241,090,000	U.S. Dollar	399,685	03/03/10		60,619

137

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	391,630,000	U.S. Dollar	639,500	03/04/10	$	108,242
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	399,691	03/05/10		68,884
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	376,217	03/08/10		65,754
U.S. Dollar	10,000,001	Euro	6,703,266	03/08/10		706,765
U.S. Dollar	27,773,176	Japanese Yen	2,447,525,000	03/08/10		654,865
U.S. Dollar	15,000,000	Japanese Yen	1,339,561,500	03/08/10		157,804
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	399,691	03/09/10		69,883
Canadian Dollar	3,575,345	U.S. Dollar	3,369,868	03/17/10		(26,274	)
Singapore Dollar	1,535,000	U.S. Dollar	1,103,523	03/17/10		(12,405	)
U.S. Dollar	997,531	Singapore Dollar	1,535,000	03/17/10		(93,587	)
U.S. Dollar	307,421	Australian Dollar	451,990	03/24/10		(90,051	)
U.S. Dollar	15,000,001	Euro	10,539,155	03/24/10		389,437
U.S. Dollar	10,000,001	Euro	6,981,144	03/29/10		322,087
U.S. Dollar	10,000,001	Euro	6,929,815	04/06/10		393,457
U.S. Dollar	10,000,000	Japanese Yen	925,440,000	04/06/10		(255,205	)
Indian Rupee	461,800,000	U.S. Dollar	10,069,778	04/08/10		(125,817	)
Indonesian Rupiah	93,700,000,000	U.S. Dollar	10,246,036	04/08/10		(354,401	)
Indian Rupee	27,793,000	U.S. Dollar	537,125	04/09/10		61,282
Indian Rupee	59,598,000	U.S. Dollar	1,150,985	04/12/10		131,817
Indian Rupee	40,031,000	U.S. Dollar	767,318	04/13/10		94,230
U.S. Dollar	15,000,000	Euro	10,346,405	04/13/10		657,444
U.S. Dollar	5,032,845	Japanese Yen	462,301,000	04/13/10		(90,314	)
U.S. Dollar	10,000,000	Japanese Yen	918,880,000	04/13/10		(182,906	)
U.S. Dollar	6,831,882	South African Rand	51,000,000	04/13/10		238,012
Brazil Real	9,685,000	U.S. Dollar	5,454,801	04/14/10		(389,359	)
Indonesian Rupiah	101,200,000,000	U.S. Dollar	10,944,090	04/14/10		(272,080	)
U.S. Dollar	10,000,000	Japanese Yen	912,461,000	04/14/10		(111,828	)
Indian Rupee	39,295,000	U.S. Dollar	767,331	04/15/10		78,205
Indian Rupee	19,629,000	U.S. Dollar	384,731	04/19/10		37,466
Indian Rupee	13,777,000	U.S. Dollar	268,558	04/19/10		27,770
Indian Rupee	484,300,000	U.S. Dollar	10,583,479	04/19/10		(166,745	)
Indonesian Rupiah	92,430,000,000	U.S. Dollar	10,000,000	04/19/10		(261,471	)
Malaysian Ringgit	967,775	U.S. Dollar	267,319	04/19/10		15,310
Malaysian Ringgit	33,400,000	U.S. Dollar	10,000,000	04/19/10		(245,851	)
Norway Krones	31,660,000	U.S. Dollar	5,595,815	04/19/10		(271,540	)
South Korean Won	11,250,000,000	U.S. Dollar	10,000,000	04/19/10		(338,233	)
Swedish Krona	28,478,956	Euro	2,615,292	04/19/10		229,463
U.S. Dollar	10,338,916	Japanese Yen	940,738,000	04/19/10		(86,564	)
Malaysian Ringgit	2,773,000	U.S. Dollar	772,273	04/20/10		37,518
Indian Rupee	484,100,000	U.S. Dollar	10,515,912	04/21/10		(105,607	)
Indonesian Rupiah	100,400,000,000	U.S. Dollar	10,709,333	04/21/10		(134,827	)
Malaysian Ringgit	35,185,000	U.S. Dollar	10,494,214	04/21/10		(219,713	)
Chilean Unidad de Fomento	783,077,000	U.S. Dollar	1,334,714	04/23/10		162,321
Chilean Unidad de Fomento	764,646,000	U.S. Dollar	1,304,500	04/26/10		157,419
Indian Rupee	27,912,000	U.S. Dollar	538,619	04/26/10		61,307

138

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
South Korean Won	11,505,000,000	U.S. Dollar	10,000,000	04/26/10	$	(121,411	)
U.S. Dollar	28,304,570	Euro	19,990,937	04/26/10		593,416
U.S. Dollar	15,645,475	Japanese Yen	1,413,600,000	04/26/10		(20,981	)
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,033,326	04/27/10		122,731
Chilean Unidad de Fomento	606,821,000	U.S. Dollar	1,033,327	04/27/10		126,880
Indian Rupee	3,982,000	U.S. Dollar	76,947	04/27/10		8,631
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	1,653,323	04/28/10		210,171
Chilean Unidad de Fomento	122,036,000	U.S. Dollar	206,666	04/28/10		26,667
Indian Rupee	19,756,000	U.S. Dollar	384,732	04/28/10		39,806
U.S. Dollar	14,110,499	Euro	10,031,130	04/28/10		205,566
U.S. Dollar	4,899,383	South African Rand	37,920,000	04/28/10		9,149
Indian Rupee	19,775,000	U.S. Dollar	384,728	04/30/10		40,143
U.S. Dollar	14,112,649	Euro	10,143,702	05/03/10		52,037
Peruvian New Sol	2,043,000	U.S. Dollar	666,015	05/18/10		47,847
Peruvian New Sol	2,251,951	U.S. Dollar	733,535	05/18/10		53,338
Malaysian Ringgit	11,250,000	U.S. Dollar	3,217,043	05/27/10		62,666
Indian Rupee	37,818,000	U.S. Dollar	770,554	06/01/10		39,994
U.S. Dollar	1,747,695	New Zealand Dollar	2,501,782	06/01/10		8,124
U.S. Dollar	1,736,943	New Zealand Dollar	2,486,711	06/01/10		7,851
U.S. Dollar	987,015	New Zealand Dollar	1,415,319	06/01/10		2,898
Indian Rupee	1,121,000	U.S. Dollar	23,113	06/02/10		911
U.S. Dollar	756,883	New Zealand Dollar	1,072,604	06/02/10		11,129
U.S. Dollar	249,542	New Zealand Dollar	353,961	06/02/10		3,443
U.S. Dollar	1,460,498	New Zealand Dollar	2,073,746	06/02/10		18,676
Indian Rupee	5,548,000	U.S. Dollar	115,583	06/03/10		3,308
Indian Rupee	37,033,000	U.S. Dollar	770,558	06/04/10		22,984
Indian Rupee	18,516,000	U.S. Dollar	385,268	06/07/10		11,401
Indian Rupee	7,436,000	U.S. Dollar	154,114	06/08/10		5,176
Indian Rupee	9,340,000	U.S. Dollar	193,776	06/08/10		6,300
U.S. Dollar	1,459,627	New Zealand Dollar	2,073,746	06/09/10		18,657
Indian Rupee	7,542,000	U.S. Dollar	155,026	06/10/10		6,510
Indian Rupee	11,277,000	U.S. Dollar	232,515	06/11/10		8,999
Indian Rupee	7,557,000	U.S. Dollar	155,015	06/11/10		6,829
Indian Rupee	18,877,000	U.S. Dollar	387,538	06/16/10		16,588
Indian Rupee	17,195,000	U.S. Dollar	348,783	06/21/10		19,194
Indian Rupee	28,975,000	U.S. Dollar	587,728	06/22/10		32,297
Swedish Krona	43,658,433	Euro	3,981,000	06/22/10		393,061
Indian Rupee	43,847,000	U.S. Dollar	881,613	06/24/10		56,510
Indian Rupee	29,446,000	U.S. Dollar	587,745	06/25/10		42,215
Swedish Krona	12,088,000	Euro	1,086,777	06/28/10		130,323
Malaysian Ringgit	24,538,076	U.S. Dollar	6,915,056	06/29/10		227,644
Swedish Krona	8,778,000	Euro	792,167	06/29/10		90,519
Indian Rupee	29,111,000	U.S. Dollar	587,745	07/09/10		34,386
Indian Rupee	29,134,000	U.S. Dollar	587,735	07/09/10		34,887
Malaysian Ringgit	1,928,282	U.S. Dollar	542,368	07/09/10		18,670
Indian Rupee	14,708,000	U.S. Dollar	293,866	07/12/10		20,387
Indian Rupee	17,688,000	U.S. Dollar	352,646	07/12/10		25,278

139

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Malaysian Ringgit	3,920,421	U.S. Dollar	1,103,722	07/12/10	$	36,775
Malaysian Ringgit	7,893,000	U.S. Dollar	2,207,369	07/12/10		88,799
Malaysian Ringgit	1,832,000	U.S. Dollar	510,377	07/13/10		22,549
Malaysian Ringgit	1,905,000	Euro	379,293	07/16/10		28,559
Malaysian Ringgit	623,000	U.S. Dollar	173,152	07/16/10		8,053
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/19/10		5,342
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/20/10		5,335
Malaysian Ringgit	2,151,000	Euro	427,439	07/20/10		33,301
Malaysian Ringgit	983,000	U.S. Dollar	275,288	07/20/10		10,573
Malaysian Ringgit	2,765,000	Euro	549,440	07/23/10		42,724
Malaysian Ringgit	1,195,000	U.S. Dollar	337,475	07/23/10		9,988
Malaysian Ringgit	2,765,000	Euro	547,731	07/27/10		44,962
Malaysian Ringgit	1,257,000	U.S. Dollar	354,085	07/27/10		11,339
U.S. Dollar	2,672,075	New Zealand Dollar	4,152,409	07/30/10		(200,737	)
U.S. Dollar	2,657,153	New Zealand Dollar	4,136,612	08/03/10		(203,577	)
U.S. Dollar	1,039,598	New Zealand Dollar	1,619,311	08/03/10		(80,259	)
U.S. Dollar	523,814	New Zealand Dollar	815,909	08/04/10		(40,382	)
U.S. Dollar	1,047,083	New Zealand Dollar	1,638,885	08/04/10		(86,195	)
U.S. Dollar	2,682,623	New Zealand Dollar	4,107,995	08/05/10		(157,743	)
U.S. Dollar	4,819,954	New Zealand Dollar	7,452,000	08/05/10		(332,538	)
U.S. Dollar	794,310	New Zealand Dollar	1,218,640	08/05/10		(48,287	)
U.S. Dollar	1,051,360	New Zealand Dollar	1,608,778	08/06/10		(60,875	)
U.S. Dollar	522,889	New Zealand Dollar	802,901	08/06/10		(32,200	)
U.S. Dollar	1,043,655	New Zealand Dollar	1,587,404	08/09/10		(53,472	)
U.S. Dollar	1,048,906	New Zealand Dollar	1,594,567	08/09/10		(53,171	)
U.S. Dollar	1,034,089	New Zealand Dollar	1,569,298	08/09/10		(50,524	)
Polish Zloty	11,489,000	Euro	2,734,369	08/11/10		90,682
U.S. Dollar	522,151	New Zealand Dollar	786,218	08/11/10		(21,130	)
U.S. Dollar	521,895	New Zealand Dollar	785,832	08/11/10		(21,120	)
U.S. Dollar	1,136,899	New Zealand Dollar	1,748,000	08/12/10		(70,857	)
U.S. Dollar	964,111	New Zealand Dollar	1,475,981	08/12/10		(55,698	)
U.S. Dollar	525,122	New Zealand Dollar	809,000	08/13/10		(33,789	)
U.S. Dollar	563,065	New Zealand Dollar	853,000	08/16/10		(26,065	)
Brazil Real	1,066,000	Japanese Yen	51,772,422	08/17/10		(31,541	)
Israel Shekel	2,887,000	U.S. Dollar	761,862	08/17/10		8,575
U.S. Dollar	1,560,892	Japanese Yen	148,060,000	08/17/10		(81,625	)
Brazil Real	788,000	Japanese Yen	37,942,200	08/18/10		(19,771	)
U.S. Dollar	780,450	Japanese Yen	73,573,000	08/18/10		(35,753	)
Brazil Real	1,182,000	Japanese Yen	55,561,092	08/19/10		(14,804	)
Israel Shekel	1,444,000	U.S. Dollar	379,900	08/19/10		5,434
Israel Shekel	1,444,000	U.S. Dollar	380,952	08/19/10		4,382
Israel Shekel	289,000	U.S. Dollar	76,133	08/19/10		987
U.S. Dollar	778,401	Japanese Yen	73,232,000	08/19/10		(34,033	)
Indian Rupee	27,858,000	U.S. Dollar	557,829	08/20/10		35,641
Israel Shekel	1,108,000	U.S. Dollar	289,893	08/20/10		5,772
Norway Krones	10,525,000	Euro	1,198,774	08/20/10		97,546
U.S. Dollar	778,394	Japanese Yen	73,510,000	08/20/10		(37,138	)
U.S. Dollar	779,556	Japanese Yen	73,417,000	08/20/10		(34,945	)
Indian Rupee	7,438,000	U.S. Dollar	148,760	08/23/10		9,659
Indian Rupee	16,704,000	U.S. Dollar	334,682	08/23/10		21,090
Israel Shekel	1,890,900	U.S. Dollar	495,883	08/23/10		8,662
Norway Krones	10,525,000	Euro	1,200,018	08/23/10		95,561

140

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,559,110	Japanese Yen	146,685,000	08/23/10	$	(68,321	)
U.S. Dollar	1,559,108	Japanese Yen	145,609,000	08/23/10		(56,385	)
U.S. Dollar	1,559,108	Japanese Yen	146,373,000	08/24/10		(64,889	)
U.S. Dollar	1,559,111	Japanese Yen	145,886,000	08/24/10		(59,483	)
U.S. Dollar	950,994	New Zealand Dollar	1,442,254	08/24/10		(44,306	)
U.S. Dollar	779,553	Japanese Yen	72,553,000	08/25/10		(25,431	)
U.S. Dollar	959,298	New Zealand Dollar	1,435,000	08/27/10		(30,695	)
Brazil Real	789,000	Japanese Yen	36,864,447	08/31/10		(8,600	)
Indian Rupee	17,072,000	U.S. Dollar	342,124	09/01/10		21,241
U.S. Dollar	779,552	Japanese Yen	72,717,000	09/01/10		(27,348	)
Brazil Real	1,183,000	Japanese Yen	54,698,371	09/02/10		(6,813	)
U.S. Dollar	779,552	Japanese Yen	71,955,000	09/02/10		(18,906	)
Norway Krones	10,525,000	Euro	1,197,779	09/07/10		97,347
U.S. Dollar	1,169,328	Japanese Yen	108,371,000	09/09/10		(33,370	)
U.S. Dollar	1,169,327	Japanese Yen	107,999,000	09/10/10		(29,263	)
U.S. Dollar	999,009	Japanese Yen	91,705,000	09/10/10		(18,748	)
U.S. Dollar	832,510	Japanese Yen	76,178,000	09/13/10		(12,969	)
Brazil Real	1,775,000	Japanese Yen	82,763,457	09/15/10		(20,805	)
U.S. Dollar	666,007	Japanese Yen	60,608,000	09/15/10		(6,687	)
U.S. Dollar	666,004	Japanese Yen	59,937,000	09/15/10		756
U.S. Dollar	999,004	Japanese Yen	90,271,000	09/15/10		(2,924	)
U.S. Dollar	999,011	Japanese Yen	89,901,000	09/16/10		1,173
U.S. Dollar	333,006	Japanese Yen	30,137,000	09/16/10		(1,494	)
U.S. Dollar	378,247	Euro	256,900	09/20/10		22,496
U.S. Dollar	666,000	Japanese Yen	60,273,000	09/21/10		(3,045	)
U.S. Dollar	333,006	Japanese Yen	29,884,000	09/21/10		1,287
U.S. Dollar	2,456,800	Euro	1,675,590	09/23/10		136,536
U.S. Dollar	1,091,627	Euro	737,287	09/24/10		70,682
U.S. Dollar	337,212	Japanese Yen	30,516,000	09/24/10		(1,541	)
U.S. Dollar	33,726	Japanese Yen	3,035,000	09/27/10		33
U.S. Dollar	210,057	Japanese Yen	18,903,000	09/28/10		203
U.S. Dollar	350,094	Japanese Yen	31,505,000	09/29/10		333
Philippines Peso	28,921,000	U.S. Dollar	597,850	10/04/10		8,145
Philippines Peso	36,054,000	U.S. Dollar	747,295	10/04/10		8,161
Philippines Peso	43,117,000	U.S. Dollar	896,764	10/05/10		6,617
Philippines Peso	43,106,000	U.S. Dollar	896,753	10/05/10		6,398
Philippines Peso	11,388,000	U.S. Dollar	239,143	10/06/10		(562	)
Philippines Peso	35,386,000	U.S. Dollar	747,297	10/07/10		(6,008	)
Philippines Peso	14,127,000	U.S. Dollar	298,915	10/08/10		(2,995	)
Philippines Peso	28,316,000	U.S. Dollar	597,838	10/08/10		(4,701	)
Philippines Peso	14,164,000	U.S. Dollar	298,919	10/08/10		(2,225	)
Philippines Peso	28,370,000	U.S. Dollar	597,848	10/08/10		(3,580	)
Malaysian Ringgit	2,445,987	U.S. Dollar	709,722	10/12/10		(680	)
Philippines Peso	8,431,000	U.S. Dollar	179,345	10/12/10		(2,794	)
Malaysian Ringgit	5,102,016	U.S. Dollar	1,502,228	10/13/10		(23,311	)
Philippines Peso	25,154,000	U.S. Dollar	538,053	10/13/10		(11,352	)
Philippines Peso	14,058,000	U.S. Dollar	298,916	10/13/10		(4,554	)
Philippines Peso	9,839,000	U.S. Dollar	209,340	10/13/10		(3,321	)
Chinese Yuan	6,301,191	Euro	639,876	10/15/10		41,967
Philippines Peso	4,585,000	U.S. Dollar	97,761	10/15/10		(1,770	)
Chinese Yuan	6,331,922	Euro	641,046	10/18/10		45,066
Philippines Peso	15,226,000	U.S. Dollar	325,892	10/18/10		(7,195	)

141

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	8,487,104	Euro	856,785	10/19/10	$	63,887
Malaysian Ringgit	9,854,250	U.S. Dollar	2,931,068	10/19/10		(75,259	)
Philippines Peso	7,672,000	U.S. Dollar	162,957	10/19/10		(2,386	)
Chinese Yuan	5,244,000	U.S. Dollar	794,726	10/21/10		(22,258	)
Philippines Peso	15,399,000	U.S. Dollar	325,905	10/21/10		(3,661	)
Philippines Peso	30,667,000	U.S. Dollar	651,796	10/21/10		(10,049	)
Philippines Peso	44,789,000	U.S. Dollar	939,958	10/25/10		(2,976	)
Philippines Peso	29,828,000	U.S. Dollar	626,639	10/25/10		(2,640	)
Philippines Peso	14,923,000	U.S. Dollar	313,311	10/25/10		(1,123	)
Indian Rupee	12,846,000	U.S. Dollar	270,215	10/26/10		2,084
Indian Rupee	38,497,000	U.S. Dollar	810,668	10/26/10		5,357
Norway Krones	32,943,000	Euro	3,896,274	10/26/10		87,464
Philippines Peso	38,730,000	U.S. Dollar	814,629	10/26/10		(4,463	)
Indian Rupee	19,137,000	U.S. Dollar	405,342	10/27/10		277
Philippines Peso	11,971,000	U.S. Dollar	250,649	10/28/10		(274	)
U.S. Dollar	354,601	Japanese Yen	32,085,087	11/08/10		(1,845	)
U.S. Dollar	351,930	Japanese Yen	31,518,000	11/10/10		1,773
U.S. Dollar	356,918	Japanese Yen	31,954,500	11/12/10		1,898
U.S. Dollar	526,723	Japanese Yen	47,197,000	11/12/10		2,357
U.S. Dollar	1,597,097	Japanese Yen	143,060,000	11/15/10		7,597
U.S. Dollar	798,547	Japanese Yen	71,438,000	11/16/10		4,805
U.S. Dollar	383,305	Japanese Yen	34,438,000	11/16/10		667
Australian Dollar	663,000	U.S. Dollar	592,059	11/17/10		(25,020	)
U.S. Dollar	415,244	Japanese Yen	37,330,000	11/17/10		466
U.S. Dollar	1,597,102	Japanese Yen	142,642,000	11/17/10		12,192
U.S. Dollar	638,845	Japanese Yen	57,068,000	11/17/10		4,756
U.S. Dollar	2,235,941	Japanese Yen	198,912,000	11/18/10		25,770
Australian Dollar	1,270,000	U.S. Dollar	1,117,600	11/29/10		(32,995	)
Australian Dollar	1,270,000	U.S. Dollar	1,124,687	11/29/10		(40,082	)
Norway Krones	12,598,000	Euro	1,473,399	11/29/10		52,922
U.S. Dollar	1,740,838	Japanese Yen	154,260,000	11/29/10		26,485
U.S. Dollar	1,597,105	Japanese Yen	140,986,000	11/29/10		30,271
U.S. Dollar	638,843	Japanese Yen	55,787,000	11/29/10		18,860
U.S. Dollar	958,260	Japanese Yen	83,773,000	11/29/10		27,257
Australian Dollar	2,030,000	U.S. Dollar	1,768,536	12/01/10		(35,297	)
Australian Dollar	1,354,000	U.S. Dollar	1,182,313	12/01/10		(26,251	)
Norway Krones	4,080,000	Euro	473,043	12/01/10		22,792
U.S. Dollar	1,597,100	Japanese Yen	138,320,000	12/01/10		59,842
U.S. Dollar	1,069,877	Mexican Peso	14,530,000	12/02/10		1,966
Chinese Yuan	6,308,000	Euro	633,860	12/06/10		54,656
Chinese Yuan	5,006,000	U.S. Dollar	755,851	12/06/10		(16,367	)
Australian Dollar	1,355,000	U.S. Dollar	1,188,335	12/09/10		(32,542	)
Australian Dollar	1,691,000	U.S. Dollar	1,474,890	12/10/10		(32,670	)
Australian Dollar	1,690,000	U.S. Dollar	1,474,694	12/10/10		(33,327	)
Chinese Yuan	2,872,600	U.S. Dollar	431,970	12/13/10		(7,449	)
Chinese Yuan	5,761,499	U.S. Dollar	866,521	12/14/10		(15,018	)
Chinese Yuan	5,783,784	U.S. Dollar	870,331	12/15/10		(15,482	)
Indian Rupee	11,219,513	New Zealand Dollar	341,019	12/20/10		4,318
Indonesian Rupiah	2,828,719,176	New Zealand Dollar	406,308	12/20/10		6,202
Israel Shekel	22,411,400	U.S. Dollar	6,004,233	01/07/11		(43,016	)
Malaysian Ringgit	2,445,987	U.S. Dollar	721,317	01/07/11		(14,554	)
U.S. Dollar	576,869	Japanese Yen	52,560,000	01/07/11		(7,642	)

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	288,405	Japanese Yen	26,280,000	01/07/11	$	(3,851	)
U.S. Dollar	288,458	Japanese Yen	26,280,000	01/07/11		(3,797	)
U.S. Dollar	2,489,369	Euro	1,741,000	01/11/11		80,877
U.S. Dollar	1,587,964	Euro	1,111,000	01/11/11		51,011
U.S. Dollar	288,415	Japanese Yen	26,390,000	01/11/11		(5,084	)
U.S. Dollar	288,393	Japanese Yen	26,360,000	01/11/11		(4,772	)
Philippines Peso	12,590,000	U.S. Dollar	269,882	01/13/11		(8,097	)
Philippines Peso	29,696,000	U.S. Dollar	636,925	01/13/11		(19,454	)
Philippines Peso	25,376,000	U.S. Dollar	548,078	01/13/11		(20,432	)
U.S. Dollar	783,179	Japanese Yen	71,830,000	01/13/11		(15,714	)
Philippines Peso	10,860,000	U.S. Dollar	232,200	01/14/11		(6,404	)
U.S. Dollar	783,179	Japanese Yen	71,290,000	01/14/11		(9,722	)
U.S. Dollar	626,482	Japanese Yen	56,700,000	01/14/11		(4,146	)
Philippines Peso	21,239,000	U.S. Dollar	454,982	01/18/11		(13,525	)
Philippines Peso	12,113,000	U.S. Dollar	260,215	01/18/11		(8,444	)
U.S. Dollar	1,404,620	Euro	971,000	01/18/11		61,425
Philippines Peso	30,247,000	U.S. Dollar	649,008	01/19/11		(20,365	)
Philippines Peso	7,579,000	U.S. Dollar	162,187	01/19/11		(4,668	)
Brazil Real	2,190,000	Japanese Yen	99,729,753	01/26/11		(34,081	)
U.S. Dollar	2,065,196	Japanese Yen	185,480,000	01/26/11		1,900
U.S. Dollar	516,356	Japanese Yen	46,250,000	01/26/11		1,867
U.S. Dollar	1,807,087	Japanese Yen	162,280,000	01/26/11		1,870
Brazil Real	817,000	Japanese Yen	37,326,899	01/27/11		(14,069	)
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	818,838	01/27/11		(27,775	)
U.S. Dollar	1,411,468	Euro	999,800	01/27/11		28,513
U.S. Dollar	1,775,990	Japanese Yen	159,507,000	01/27/11		1,620
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	245,268	01/28/11		(5,468	)
Chilean Unidad de Fomento	947,430,000	U.S. Dollar	1,870,358	01/28/11		(49,603	)
U.S. Dollar	1,144,932	New Zealand Dollar	1,674,196	01/28/11		7,424
U.S. Dollar	976,662	New Zealand Dollar	1,419,051	01/28/11		12,508
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	383,295	01/31/11		(1,436	)
Chilean Unidad de Fomento	372,860,000	U.S. Dollar	719,182	01/31/11		(2,626	)
Chinese Yuan	18,856,000	U.S. Dollar	2,839,545	02/01/11		(45,774	)
					$	849,474

C. Swap Agreements. The Funds may enter into swap agreements, which are agreements to exchange the return generated by one security, currency, commodity or index for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the index exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty. Payments received or made by the Fund at the expiration or other termination of the swap agreements are recorded as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value are recorded as unrealized appreciation/(depreciation). Gains or losses are realized upon the termination of the swap agreement. Risks may exceed amounts recognized. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts contain credit risk for unrealized gains from various counterparties for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored.

When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense to the counterparty. The interest income is included in investment income and the interest expense is included in a Fund’s overall expenses and expense ratio.

D. Options. The Funds may purchase and write (sell) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Fund bears the market risk of an unfavorable change in the price of the underlying security or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from the current market value.

The Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, the Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer).

A summary of the Real Return Fund written option transactions for the period is as follows:

	Number of Options Contracts		Premiums Received
Contracts outstanding at October 31, 2009	5,000		$	3,289,200
Options written	10,000			344,984,960
Options terminated in closing purchase transactions	(2,000	)		(739,200	)
Options expired	(3,000	)		(2,550,000	)
Contracts outstanding at January 31, 2010	10,000		$	344,984,960

5. Fair Value Measurements:

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 - quoted prices in active markets for identical securities.

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	January 31, 2010 (Unaudited)

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ investments as of January 31, 2010 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Investments in Securities
Assets:
U.S. Large Cap Fund
Equity Securities	$	436,981,839	(a)	$	—	$	—	$	436,981,839
Investment Company		15,972,100			—		—		15,972,100
Total	$	452,953,939		$	—	$	—	$	452,953,939
Non U.S. Large Cap Fund
Equity Securities
Australia	$	—		$	140,217,995	$	—	$	140,217,995
Canada		38,766,860			—		—	$	38,766,860
France		—			367,223,796		—		367,223,796
Germany		—			114,635,864		—		114,635,864
Japan		—			338,458,488		—		338,458,488
Luxembourg		62,619,656			—		—		62,619,656
Netherlands		—			82,488,559		—		82,488,559
Norway		—			62,673,194		—		62,673,194
South Korea		—			40,162,799		—		40,162,799
Spain		—			74,449,805		—		74,449,805
Switzerland		62,360,702			204,290,706		—		266,651,408
United Kingdom		—			419,282,759		—		419,282,759
United States		73,797,186			—		—		73,797,186
Total Equities	$	237,544,404		$	1,843,883,965	$	—	$	2,081,428,369
U.S. Government Agencies		—			18,497,117		—		18,497,117
Investment Company		12,931,200			—		—		12,931,200
Total	$	250,475,604		$	1,862,381,082	$	—	$	2,112,856,686
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	137,266		$	52,895,860	$	87,852	$	53,120,978
Austria		—			8,733,654		—		8,733,654
Bahamas		19,920			—		—		19,920
Belgium		34			10,289,320		—		10,289,354
Bermuda		12,330,955			3,807,790		—		16,138,745
Brazil		23,981,172			—		—		23,981,172
Canada		86,633,807			2		—		86,633,809
Cayman Islands		236,102			24,264		—		260,366
Chile		4,096,968			—		—		4,096,968
China		70,603			9,993,743		—		10,064,346
Cyprus		—			383,440		—		383,440

145

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Denmark	$	—	$	9,021,736	$	—	$	9,021,736
Egypt		32,970,000		—		—		32,970,000
Finland		—		44,788,931		—		44,788,931
France		—		100,987,189		12,237		100,999,426
Germany		7,613		35,127,079		—		35,134,692
Greece		—		9,512,804		—		9,512,804
Hong Kong		14,735		29,944,578		246,540		30,205,853
Hungary		—		1,754,214		—		1,754,214
India		—		21,943,054		—		21,943,054
Indonesia		—		5,576,543		—		5,576,543
Ireland		—		6,381,983		—		6,381,983
Israel		59,421,748		4,363,067		—		63,784,815
Italy		—		20,565,194		12,305		20,577,499
Japan		123,900		150,280,113				150,404,013
Liechtenstein		—		137,385		—		137,385
Luxembourg		112,455		1,362,933		—		1,475,388
Malaysia		48,110		7,509,213		—		7,557,323
Mexico		9,398,323		—		46,158		9,444,481
Monaco		—		37,640		—		37,640
Netherlands		59,810		19,439,250		—		19,499,060
New Zealand		—		3,109,634		—		3,109,634
Norway		—		11,160,551		—		11,160,551
Peru		—		142,093		—		142,093
Philippines		—		1,940,391		—		1,940,391
Poland		200,312		5,793,263		—		5,993,575
Portugal		—		5,449,246		—		5,449,246
Puerto Rico		47,722		—		—		47,722
Singapore		2,773		9,118,847		1,652		9,123,272
South Africa		29,483		19,059,382		—		19,088,865
South Korea		232,455		16,966,721		—		17,199,176
Spain		—		18,976,890		—		18,976,890
Sweden		—		15,008,998		—		15,008,998
Switzerland		767,363		34,835,254		—		35,602,617
Taiwan		—		19,588,710		17,656		19,606,366
Thailand		1,007,068		3,360,130		—		4,367,198
Turkey		296,821		6,158,090		—		6,454,911
United Arab Emirates		—		640,431		—		640,431
United Kingdom		14,625		135,635,478		389		135,650,492
United States		1,933,580,889		—		10,562		1,933,591,451
Total Equities	$	2,165,843,032	$	861,805,088	$	435,351	$	3,028,083,471
Exchange Traded Funds		262,583,144		—		—		262,583,144
Investment Company		8,154,700		—		—		8,154,700
Rights/Warrants
Australia		1,589				—		1,589
Brazil		—		34		—		34
France		2,051		—		—		2,051
Malaysia		8,989		10,521		—		19,510
Thailand		1,541		—		—		1,541
United States		—		429		—		429
Total Rights/Warrants	$	14,170	$	10,984	$	—	$	25,154

146

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
U.S. Government Agencies	$	—	$	4,599,992		$	—	$	4,599,992
U.S. Government Securities		—		13,098,773			—		13,098,773
Call Options Purchased		138,000		—			—		138,000
Cash Sweep		34,382,540		—			—		34,382,540
Other financial instruments - Assets*		—		150,019			—		150,019
Other financial instruments -Liabilities*		—		(2,939,849	)		—		(2,939,849	)
Total	$	2,471,115,586	$	876,725,007		$	435,351	$	3,348,275,944
Global Opportunities Fund
Equity Securities:
Australia	$	—	$	2,767,420		$	—	$	2,767,420
Austria		—		2,691,263			—		2,691,263
Bahamas		716,722		—			—		716,722
Belgium		—		2,825,348			—		2,825,348
Brazil		11,944,597		—			—		11,944,597
Canada		6,955,945		—			6,000,000		12,955,945
Chile		1,547,739		—			—		1,547,739
China		2,387,918		3,853,250			—		6,241,168
Denmark		—		2,750,075			—		2,750,075
Egypt		—		283,273			—		283,273
France		—		6,763,585			—		6,763,585
Germany		—		14,658,727			—		14,658,727
Greece		—		2,231,165			—		2,231,165
Hong Kong		—		5,469,236			—		5,469,236
India		—		10,017,299			—		10,017,299
Indonesia		—		378,621			—		378,621
Ireland		5,737,848		—			—		5,737,848
Israel		3,482,608		—			—		3,482,608
Italy		—		9,154,985			—		9,154,985
Japan		—		13,936,940			—		13,936,940
Malaysia		—		445,239			—		445,239
Mexico		6,544,369		—			—		6,544,369
Morocco		—		258,611			—		258,611
Netherlands		—		7,345,865			—		7,345,865
Russia		4,142,347		—			—		4,142,347
Singapore		511,730		741,015			—		1,252,745
South Africa		—		1,286,303			—		1,286,303
South Korea		—		2,948,858			—		2,948,858
Spain		—		7,731,561			—		7,731,561
Switzerland		—		9,298,431			—		9,298,431
Taiwan		—		2,314,844			—		2,314,844
Thailand		—		1,886,999			—		1,886,999
Turkey		—		1,574,446			—		1,574,446
United Kingdom		—		21,544,646			—		21,544,646
United States		152,171,490		—			—		152,171,490
Total Equities		196,143,313		135,158,005			6,000,000		337,301,318
Exchange Traded Funds		65,287,800		—			—		65,287,800
Preferred Stock		7,055,410		—			—		7,055,410
Bank Loans		—		75,899,377			—		75,899,377
Corporate Bonds		—		1,899,791,458			—		1,899,791,458
Government Bonds		—		271,608,813			—		271,608,813

147

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Asset-Backed Securities	$	—		$	18,987,771		$	—	$	18,987,771
Non-Agency Mortgage-Backed Securities		—			277,565,129			—		277,565,129
U.S. Government Agencies		—			75,798,046			—		75,798,046
U.S. Government Securities		—			46,338,662			—		46,338,662
Municipal Bonds		—			11,287,377			—		11,287,377
Cash Sweep		104,260,918			—			—		104,260,918
Other financial instruments - Assets*		—			21,931,342			—		21,931,342
Other financial instruments - Liabilities*		(9,054,382	)		(20,435,615	)		—		(29,489,997	)
Total	$	363,693,059		$	2,813,930,365		$	6,000,000	$	3,183,623,424
Real Return Fund
Equity Securities	$	747,160,198	(a)	$	—		$	—	$	747,160,198
Preferred Stock		—			—			—		—
Rights/Warrants		—			1			—		1
Collectible Coins		—			51,451,945			—		51,451,945
Commodities		125,842,406			—			—		125,842,406
Asset-Backed Securities		—			45,513,000			—		45,513,000
Municipal Bonds		—			6,000,000			—		6,000,000
U.S. Government Agencies		—			86,948,704			—		86,948,704
U.S. Government Securities		—			561,542,146			—		561,542,146
Cash Sweep		4,766,768			—			—		4,766,768
Other financial instruments - Assets*		35,782,477			348,955,083			—		384,737,560
Other financial instruments - Liabilities*		(18,280,275	)		(317,367,911	)		—		(335,648,186	)
Total	$	895,271,574		$	783,042,968		$	—	$	1,678,314,542
Fixed Income
Corporate Bonds(a)	$	—		$	106,533,291		$	—	$	106,533,291
Municipal Bonds(a)		—			7,554,496			—		7,554,496
U.S. Government Agencies(a)		—			149,797,630			—		149,797,630
U.S. Government Securities(a)		—			60,675,571			—		60,675,571
Government Bonds(a)		—			1,074,940			—		1,074,940
Investment Company		9,255,900			—			—		9,255,900
Total	$	9,255,900		$	325,635,928		$	—	$	334,891,828
Municipal Bond
Municipal Bonds(a)	$	—		$	572,162,991		$	—	$	572,162,991
Investment Company		26,107,800			—			—		26,107,800
Total	$	26,107,800		$	572,162,991		$	—	$	598,270,791

(a) The breakdown of the Fund’s investments into major categories or countries is disclosed in the Schedules of Portfolio Investments.

* Other financial instruments are exchange traded options and futures (level 1), over-the-counter options (level 2), forwards (level 2) and swaps (level 2). Futures, forwards and swaps are valued at the unrealized appreciation/depreciation on the instrument and options are shown at market value.

148

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2010 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Balance as of 11/1/09 (fair value)		Realized gain (loss)			Change in Unrealized appreciation (depreciation)			Net purchases (sales)			Transfer in (out) of level 3			Balance as of 1/29/10 (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	251,310	$	—		$	(2,812	)	$	—		$	(160,646	)	$	87,852
Denmark		13,921		—			(13,921	)		—			—			—
France		5,803		—			(335	)		—			6,769			12,237
Hong Kong		177,570		(18,791	)		(38,408	)		36			126,133			246,540
Italy		13,061		—			(756	)		—			—			12,305
Mexico		6,419		—			—			—			39,739			46,158
Singapore		1,658		—			(6	)		—			—			1,652
Sweden		28,862		—			(28,862	)		—			—			—
Taiwan		—		—			—			17,656			—			17,656
United Kingdom		399		—			(10	)		—			—			389
United States		97,460		30,905			—			(118,856	)		1,053			10,562
Total	$	596,463	$	12,114		$	(85,110	)	$	(101,164	)	$	13,048		$	435,351
Global Opportunities Fund
Equity Securities:
Canada	$	13,000,000	$	—		$	(7,000,000	)*	$	—		$	—		$	6,000,000

*The change in unrealized appreciation/depreciation on securities still held at January 31, 2010 was $(312,262), for the Global Small and Mid Cap Fund and $(7,000,000) for the Global Opportunities Fund.

6. Market and Credit Risk:

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Funds’ Portfolios of Investments.

7. Federal Income Taxes:

At October 31, 2009, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire in the following years:

	2016		2017
U.S. Large Cap Fund	$	—	$	77,852,263
Non-U.S. Large Cap Fund		187,357,824		406,283,777
Global Small & Mid Cap Fund		—		41,698,785
Global Opportunities Fund		123,869,796		322,225,091
Real Return Fund		—		364,468,389
Municipal Bond Fund		1,577,285		—

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

149

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, (the “1940 Act”) (17 CFR 270.30a-3(c))) are adequate and reasonably designed to achieve the purposes described in such rule, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a- 3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a -2(a)) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Old Westbury Funds, Inc.

By (Signature and Title)*	/s/ Marc D. Stern
	Marc D. Stern, President
	(Principal Executive Officer)

Date March 31, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Marc D. Stern
	Marc D. Stern, President
	(Principal Executive Officer)

Date March 31, 2010

By (Signature and Title)*	/s/ Peter C. Artemiou
	Peter C. Artemiou, Treasurer
	(Principal Financial Officer)

Date March 31, 2010

^* Print the name and title of each signing officer under his or her signature.